Loophole could increase financial aid eligibility

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, according to guidance released last week by the U.S. Department of Education.

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 published last Tuesday in the Federal Register.

For the full story, click on the following link to The Chronicle of Higher Education at http://chronicle.com/daily/2006/06/2006061301n.htm

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