[FAFSA®] What are 529 / college savings account types? Should they be reported as parent or student income?

Coverdell education savings accounts (ESAs) - A custodial education savings account, which has a $2,000 annual contribution limit. There is also an income cap that can limit who can contribute to one of these accounts. Unlike ordinary 529 plans, you can use these funds for K-12 educational expenses too, like books, school supplies, or academic tutoring. Coverdell ESAs are considered parent-owned assets, for the FAFSA®.

529 savings plans - An account where there are tax advantages when you withdraw funds for qualified educational expenses, but there may be penalties if you use the fund for other purposes. 529 savings plans are considered parent-owned assets, for the FAFSA®.

529 prepaid tuition plans - A tax-advantageous program where you prepay for tuition in advance, at a set rate. This allows you to “lock in” tuition at the current rates, which are likely lower than they will be when your child is of college age, since tuition costs inflate over time. 529 prepaid tuition plans are considered parent-owned assets, for the FAFSA®.

UGMA/UTMA custodial accounts - These are custodial accounts where the adults can save and invest on behalf of the minor, until the minor reaches the age of majority (somewhere between 18 and 25, depending on the state). However, the custodian (usually a parent) can use these funds for the child’s qualified educational expenses. Unlike the other three types of college savings accounts, UGMA/UTMA custodial accounts are considered student-owned assets, for the FAFSA®.