I just found out that my mother has a 529 account for my son. After a quick browse, my understanding is that, currently as it stands, the funds are her assets (she being the grandparent), so not subject to being reported on any of the financial aid forms (FAFSA, CSS). But if and when my son needs the funds and withdraws from the account, then it will become his asset/income.
Is this correct? Just wanted to confirm because I've already submitted the CSS to a few schools. We're not planning to use those funds for freshman year, so the submitted CSS profiles are still valid (assuming my understanding is correct.)
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