A 529 plan is considered a parental asset on FAFSA, so it will affect how your Expected Family Contribution (EFC) is calculated. However, your EFC will increase by at most 5.64% of your 529 assets, which is much lower than the 20% of student assets (like UGMA/UTMA).
Will investing in a 529 plan through Backer impact my child’s financial aid eligibility?
Articles in this section
- What can I pay for with a 529 plan?
- Can I only use my 529 savings for college?
- How do I withdraw 529 savings funds?
- I made a withdrawal. Where can I find my tax form?
- What happens if my child receives a scholarship to school?
- Will investing in a 529 plan through Backer impact my child’s financial aid eligibility?
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