The following bill is to be read by the House Education Committee on Tuesday, March 7. This is the first reading by the committee.
529 education savings plan matters. Prohibits, unless otherwise provided under federal law, money in a 529 education savings account from being considered as a resource or asset in determining an applicant's or recipient's eligibility for: (1) certain public assistance programs; or (2) scholarships, grants, or awards administered by the commission for higher education.
This bill will protect money saved in a 529 education savings plan from being counted as an asset when applying for certain public assistance programs and scholarships. This will encourage college savings by allowing students to get full financial assistance without a reduction due to their education savings. You can read more about the bill here.