The recent changes to the Free Application for Federal Student Aid (FAFSA) for the 2024-2025 academic year have sparked interest among families planning for college expenses. One of the most notable updates is the introduction of the Grandparent Loophole, which could significantly impact how families approach funding education. According to the official information, this loophole allows grandparents to contribute to their grandchildren's education without affecting their financial aid eligibility.
Simplifying the Financial Aid Process
The change is designed to simplify the financial aid process and encourage more families to invest in education. By removing the reporting requirement for grandparent-owned 529 plans, the Department of Education aims to promote greater family involvement in funding higher education.
Encouraging Family Involvement
This move is expected to alleviate some of the financial burdens on students and their families, making college more accessible.
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