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

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.

Source: SL 2001, ch 97, § 27.