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Summary: Updated FAFSA on the Web Instructions Explaining How to Report Qualified Education Benefit Plans and Education Savings Accounts

Publication Date: January 8, 2007

Author: G. Kay Jacks, General Manager, Application, Operations and Delivery Services, Federal Student Aid

Summary: Updated FAFSA on the Web Instructions Explaining How to Report Qualified Education Benefit Plans and Education Savings Accounts

Posted on 01-08-2007

We have discovered a discrepancy between the instructions for Question 44 (student asset net worth) and Question 88 (parent asset net worth) provided on the paper Free Application for Federal Student Aid (FAFSA) and FAFSA on the Web . These instructions explain how to report qualified education benefit plans (529 plans, other prepaid tuition plans offered by a State, and Coverdell education savings accounts). We are revising the instructions on FAFSA on the Web to correspond with the paper FAFSA and are adding additional clarification about how qualified education benefit plans owned by a dependent student should be reported on the FAFSA.

We will update the instruction text and help text on FAFSA on the Web , as well as enhance the FAA Access to CPS Online help text. We expect to implement all updates on Thursday, January 11, 2007.

We regret any inconvenience this discrepancy may have caused students, parents, and schools. If you have any questions about this announcement, contact the Federal Student Aid Information Center at 800/4-FED-AID or 800/433-3243 (TDD/TTY 800/730-8913).

Last Modified: 01/07/2007