3 Answers

Hello,

Having a 529 college savings account under the name of a student who is not the applicant cannot hurt your applicant's chances for receiving the maximum financial aid he/she is eligible for. When you are filling out the FAFSA and/or CSS Profile, you will NOT be required to include the 529 as income regarding your current student if he/she is not named on the 529 account.
No - always best to rely on the individual that is helping you search for FA options but hopeful the person you signed up with to have the 529 with, can help as well but bottom line, no, it can not hurt you. Good Luck!
John Points120
When filling out your first child's CSS Profile, a 529 plan owned by a parent and naming your second child as a beneficiary counts as a parental asset, which in some situations (depending on income) may thereby reduce financial aid for your first child. That same plan owned by a grandparent does not count as an asset.

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