<p>As for the college funds, the way it works with most PROFILE schools, is that if the funds are 529s owned by the parents or siblings, the asset are assessed at the parental rate. If the 529 is owned by the student, it is often assessed at the higher student rate. It’s the ownership, not the designated beneficiary that makes that differentiation. For FAFSA purposes, all 529s are assessed at the parental 5.6% after the protection allowance. If the funds are not 529s, other assessment may be used. If it’s just a flat out bank account designated for college in the student’s name, it will be assessed at the min of 20% that is the FAFSA hit on student assets. </p>