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.

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The Pennsylvania 529 College Savings Program sponsors two plans-the Guaranteed Savings Plan (GSP) and the Investment Plan (IP). The guarantee of the PA 529 Guaranteed Savings Plan is an obligation of the GSP Fund, not the Commonwealth of Pennsylvania or any state agency. Before investing in either plan, please carefully read that plan's disclosure to learn more about that plan including investment objectives, risks, fees, and tax implications.