CSS Supplemental Questions - 529 plan

BelknapPoint
Tue, 01 Nov 2022 21:53:20 +0000

I think the best thing to do here is to wait for the colleges to respond to your requests for clarification. It’s important to note whether specific 529 accounts are A) owned by the student, B) owned by a parent with the student as the currently designated beneficiary, or C) owned by a parent with someone other than the student as the currently designated beneficiary.

While FAFSA in any of these three situations would treat the 529 balance as a parent asset (as long as parental information is required when FAFSA is completed), Profile schools have their own policies on how 529 plans are treated (student owned vs. parent owned) for allocating institutional need-based aid.