(1) Any student loan program, student grant program or other financial assistance program established or administered by this state 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.
(2)  Subsection (1) of this section applies to any financial assistance program administered by a state-supported college or university.
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Terms Used In Idaho Code 33-5406

  • Account: means an individual trust account or savings account established as prescribed in this chapter. See Idaho Code 33-5401
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Program: means one (1) or more college savings programs established under this chapter. See Idaho Code 33-5401
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
(3)  Subsections (1) and (2) of this section do not apply if any of the following conditions exist:
(a)  Federal law requires all or a portion of the amount in an account to be taken into account in a different manner;
(b)  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;
(c)  A specific grant establishing a financial assistance program requires that all or a portion of the amount in an account be taken into account.