Cheryl Winokur-Munk

speaker
1,406 appearances 26 recordings 2 series first heard Apr 2019 last heard Jun 2025

Cheryl Winokur-Munk’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · How to Open a '529' Account to Save for College · 14 Jun 2021 podcast
So if the assets are in an account owned by a dependent student or one of his or her parents, those assets are considered parental assets for federal financial aid purposes. voice-verified
But only, it's very technical, but 5.64% of the account is considered in the FAFSA. voice-verified
So that's the Free Application for Federal Student Aid calculation each year. voice-verified
It's only 5.64% of those assets are considered. voice-verified
And so that's more favorable than them being counted as student assets. voice-verified
It's a higher percentage is counted when it's a student asset. voice-verified
And then when you take a distribution under that ownership structure, that won't reduce your college financial aid eligibility. voice-verified
If the grandparents own the account, it's a little bit more complicated, right now at least, because assets in the grandparents' accounts have no impact on FAFSA, but distributions count as student income. voice-verified
That, however, is going to be changing. voice-verified
There's a simplified FAFSA for 2023 and 2024, which is going to use 2021 tax returns, and that's no longer going to ask about those 529. voice-verified
So for the time being, it's a little bit more dicey when grandparents use it, but even so, voice-verified
it still shouldn't deter people from saving for college using one of these plans because the benefits really outweigh the negatives. voice-verified
You can absolutely do that. voice-verified
In fact, many people do. voice-verified
And it's a great idea. voice-verified
Really, anybody can be in terms of a beneficiary. voice-verified
You can name anyone the beneficiary of account, regardless of the relationship to the person who establishes it. voice-verified
So like I said, you can even name yourself the beneficiary. voice-verified
The only requirement is, is that that beneficiary has to be a U.S. voice-verified
citizen or a resident alien. voice-verified
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