South Dakota § 13-63-27 Account balance of beneficiary student treated as asset of parent--Exceptions.

South Dakota Statutes

§ 13-63-27 — Account balance of beneficiary student treated as asset of parent--Exceptions.

South Dakota·Title 13 EDUCATION·Ch. 13-60 HIGHER EDUCATION SAVINGS PLAN

Any student loan program, student grant program, or other financial assistance program established or administered by this state or by a state supported educational institution shall treat the balance in an account of which the student is a designated beneficiary as if it were an asset of the parent of the designated beneficiary and not as a scholarship or grant or as an asset of the student for determining a student's or parent's income, assets, or financial need. However, this section does not apply if any of the following conditions exist:

(1)Federal law requires all or a portion of the amount in an account to be taken into account in a different manner;

(2)Federal benefits could be lost if all or a portion of the amount in an account is not taken into account in a different man

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Any student loan program, student grant program, or other financial assistance program established or administered by this state or by a state supported educational institution shall treat the balance in an account of which the student is a designated beneficiary as if it were an asset of the parent of the designated beneficiary and not as a scholarship or grant or as an asset of the student for determining a student's or parent's income, assets, or financial need. However, this section does not apply if any of the following conditions exist: (1) Federal law requires all or a portion of the amount in an account to be taken into account in a different manner; (2) Federal benefits could be lost if all or a portion of the amount in an account is not taken into account in a different manner; or (3) A specific grant establishing a financial assistance program requires that all or a portion of the amount in an account be taken into account.

South Dakota § 13-63-27 (Account balance of beneficiary student treated as asset of parent--Exceptions.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.