The total value of the 529 Plan (i.e., prepaid tuition plans, college savings plans and Coverdell education savings accounts) will be reported in different places on the FAFSA based on who is considered the owner and who is considered the beneficiary.
If the owner is:
- A dependent student, the 529 is reported as an asset of the parent(s) they reported on the FAFSA.
- An independent student, the 529 is reported as an asset of the student.
- A parent of the student (and the student in question is the beneficiary), the 529 is reported as an asset of the parent(s).
- A parent of the student (and the student in question is not the beneficiary), the 529 is not reported on the FAFSA.
- This means if your parent has a 529 plan but someone else is the beneficiary, such as one of your siblings, it does not need to be reported on your FAFSA.
- An individual other than a parent, such as a grandparent (and the student in question is the beneficiary), the 529 is not reported anywhere on your FAFSA.
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