June 23, 2006
Loophole Found in Law on College-Savings Plans
Under a little-noticed loophole in a new federal law, money set aside in college-savings plans will not be counted in determining a dependent student's eligibility for need-based financial aid if the account is in the student's name.
The loophole — created by Congress in February when it passed deficit-reduction legislation — is reflected in a proposed revision of the Free Application for Federal Student Aid, or Fafsa, which the U.S. Department of Education
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