Hi there. Occasional lurker, first time poster. I have a question about how 529 plans for my kids are factored into student loan eligibility if I want go back to school.
My husband and I have been putting money into 529 plans for our two kids. The money “belongs” to the parents, and the kids are identified as the beneficiaries of the plans. One of the plans is owned by me, with my daughter as the beneficiary.
now I’m thinking about going back to school. I’d like to preserve the money my daughter’s 529, but since the money is technically mine, since I’m the account owner, am I going to be expected to use this money before I can qualify for student loans? I’m thinking about the federal loans (either subsidized or unsubsidized), because I’m assuming that a private student loan lender won’t be as concerned. I know there’s other factors that might disqualify me from federal loans, like income and assets, but I’m most interested in specifically how 529 plans for kids would be viewed. Thanks.
