529 Accounts and the FAFSA
To qualify for federal financial aid, your family is required to complete the Free Application for Federal Student Aid (FAFSA). Under current federal law, a 529 account is considered an asset of the account owner, generally the parent, in determining financial aid eligibility.
Reporting my GET accounts on the FAFSA
The total value of all 529 accounts owned by the parent or independent student must be reported on the FAFSA. GET or DreamAhead accounts owned by someone other than the student's parents or the student do not need to be reported the first year. However, in subsequent years, the account may be counted as student income; consult with the financial aid department at the student's school for specifics.
- The current total value of all 529 accounts owned by parents of a dependent student* must be reported as a "parental asset."
- The current total value of all 529 accounts owned by an independent student* must be reported as a "student asset."
*When you complete the FAFSA, you'll determine if your student is considered dependent or independent.
Between 0 and 5.6 percent of the total value of 529 accounts owned by the student's parents is considered in determining the Expected Family Contribution (EFC) based on the information reported on the FAFSA. The EFC is the amount the student's family is expected to pay for the student's higher education costs.
Determining the value of GET accounts for the FAFSA
- Log in to your GET account.
- Click on "My Account."
- Select the student's account that you want to view.
- Look for "FAFSA Value" in the "Account Info" section of the next screen.