New FAFSA rules opened up a 'grandparent loophole' that boosts 529 plans [USA TODAY]
JP Morgan Chase & Co. (JPM)
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Source: USA TODAY
Starting this year, Congress is allowing up to $35,000 in leftover savings in the plan to roll over tax-free into Roth individual retirement accounts, eliminating fears unused money could forever be trapped or incur taxes. Then, at the end of December, the Department of Education revised the Free Application for Federal Student Aid (FAFSA) , creating the so-called grandparent loophole. The grandparent loophole allows grandparents to use a 529 plan to fund a grandchild's education without affecting the student's financial aid eligibility. Previously , withdrawals could have reduced aid eligibility by up to 50% of the amount of the distribution. “A $10,000 distribution from a grandparent-owned 529 may reduce the following aid award by $5,000” under prior rules, wrote William Cass, director of wealth management programs for Boston, Mass.-based asset manager Putnam. What is the grandparent loophole? Beginning with the new 2024-25 FAFSA launched late last year , a student's total
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