do 529 plans count against fafsa

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Does a 529 plan affect FAFSA?

Depending on who owns the 529 plan account, a 529 college savings plan may affect either the income or the assets reported on the Free Application for Federal Student Aid (FAFSA). In this guide, we'll explore how a 529 plan can affect your FAFSA and financial aid eligibility. How Does A 529 Plan Affect Your FAFSA?

Are 529 plans considered a parent asset on the FAFSA?

The value of a 529 plan owned by a dependent student or a parent (529 plans do not allow joint ownership) is considered a parent asset on the FAFSA. Any parental assets, such as a brokerage account, savings account, and other assets, will reduce a student’s aid package by up to a maximum of 5.64% of the asset’s value.

Do 529 withdrawals have to be reported on the FAFSA?

However, earnings in a 529 plan do not have to be reported on the FAFSA and will have zero effect on financial aid. Qualified 529 plan withdrawals are not reportable as student income, regardless of who owns the 529 plan account.

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