13-63-27. Account balance of beneficiary student treated as asset of parent--Exceptions.

166 words·~1 min read·/sd/title-13/chapter-13-63/13-63-27

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Any student loan program, student grant program, or other financial assistance program established or administered by this state or by a state supported educational institution shall treat the balance in an account of which the student is a designated beneficiary as if it were an asset of the parent of the designated beneficiary and not as a scholarship or grant or as an asset of the student for determining a student's or parent's income, assets, or financial need.

However, this section does not apply if any of the following conditions exist:

(1)Federal law requires all or a portion of the amount in an account to be taken into account in a different manner;

(2)Federal benefits could be lost if all or a portion of the amount in an account is not taken into account in a different manner; or

(3)A specific grant establishing a financial assistance program requires that all or a portion of the amount in an account be taken into account.