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529s on EFC calculator question

scholarmescholarme Registered User Posts: 2,546 Senior Member
Sorry if this is covered, I think I am doing this right but I wanted to double check:

Here's the scenario: 2 siblings each have 529 accounts but the parents are the account owners.

When running EFC & netprice calculators, do those 529 accounts go in the Parental Assets section under Investments?
And regardless of which sibling's college cost is being calculated, do both 529 accounts get counted in parental assets each time?

Replies to: 529s on EFC calculator question

  • 4kidsdad4kidsdad Registered User Posts: 4,602 Senior Member
    If the parents are the owner of both accounts, the value of both accounts will included in parents' assets for each FAFSA
  • scholarmescholarme Registered User Posts: 2,546 Senior Member
    Thanks 4kidsdad!
  • shacherryshacherry Registered User Posts: 489 Member
    Something I read that I would like to confirm is that if the child himself/herself is the owner of the 529 but still declared dependent on his/her parents taxes. The amount also counts as parents assets.
  • Erin's DadErin's Dad Super Moderator Posts: 35,742 Super Moderator
    I believe that is true.
  • MiddKid86MiddKid86 Registered User Posts: 1,728 Senior Member
    Something I read that I would like to confirm is that if the child himself/herself is the owner of the 529 but still declared dependent on his/her parents taxes. The amount also counts as parents assets.

    That is absolutely correct, for FAFSA purposes. Schools that use CSS/Profile or their own FA forms may count a student-owned 529 differently.
  • shacherryshacherry Registered User Posts: 489 Member
    Thanks Erin's dad. To add another layer to this do you now if a student age 18 can put his or her own money into a 529 account owned by a parent but in their name?
  • Erin's DadErin's Dad Super Moderator Posts: 35,742 Super Moderator
    I don't see why not, but once it's in that account the parent will control it.
This discussion has been closed.