Will owning a PA 529 account affect the beneficiary's eligibility for financial aid?
State financial aid – PA 529 accounts are not included in determining eligibility for Pennsylvania state financial aid programs. Other 529 plans are. If you or the beneficiary is not a Pennsylvania resident, check with your state to determine its requirements.
Federal financial aid – If the account owner is a custodial parent, up to 6 percent of the money in a 529 account may be considered available for college expenses.
Be sure to check with the schools you are considering regarding their criteria for financial aid.
- What are 529 college savings plans?
- What are the income tax benefits of investing in a PA 529 account?*
- What are the gift, estate and inheritance tax benefits of investing in a PA 529 account?*
- Will owning a PA 529 account affect the beneficiary's eligibility for financial aid?
- What benefits can I get by saving in the PA 529 Program that I can't get from any other 529 program?