how 529 affect financial aid?

Do you have to report 529 on fafsa?
A 529 college savings plan account that is owned by the student or the student's parent must be reported as an investment asset on the Free Application for Federal Student Aid ( FAFSA ). Distributions from such a 529 plan are not reported as income on the FAFSA.
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Does 529 account affect financial aid?
In most cases, your 529 plan will have a minimal effect on the amount of aid you receive and will end up helping you more than hurting you. There are also several steps you can take to increase your child's eligibility for student financial aid.
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Does a child's savings account affect financial aid?
If a dependent child is the owner and the beneficiary of the account, the assets are not counted against financial aid. If an independent child is both the owner and beneficiary of the account, 20% of the assets will count against financial aid. May 13, 2020
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Why a 529 plan is a bad idea?
A 529 plan could mean less financial aid.
The largest drawback to a 529 plan is that colleges consider it when deciding on financial aid. This means your child could receive less financial aid than you might otherwise need.
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