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.
Changing for 2024: Reporting my GET accounts on the FAFSA
The total value of all 529 accounts owned by the parent or independent student, for which the student on the FAFSA is the beneficiary, must be reported on the FAFSA. With the enactment of the FAFSA Simplification Act, GET or DreamAhead accounts owned by someone other than the student or the student's parents do not need to be reported, as they are no longer considered untaxed income.
- The current total value of all 529 accounts owned by parents of a dependent student*, for which the student is listed as the beneficiary, must be reported as a "parental asset." 529 accounts for the benefit of the student's siblings no longer need to be reported.
- The current total value of all 529 accounts owned by an independent student* must be reported as a "student asset."
- 529 accounts owned by anyone other than the student or the student's parents no longer need to be reported on the FAFSA.
*When you complete the FAFSA, you'll determine if your student is considered dependent or independent.
The Expected Family Contribution (EFC) is no longer a factor used by your school's financial aid office to determine federal student aid. The EFC has been replaced with the Student Aid Index (SAI). Learn more about the SAI on the Federal Student Aid website.
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.