Montana Code 15-62-205. Scholarships and financial aid provisions — exceptions
15-62-205. Scholarships and financial aid provisions — exceptions. (1) Except as provided in subsection (2), a student loan program, student grant program, or other financial assistance program established or administered by the state or a financial assistance program administered by a state-supported college or university must 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.
Terms Used In Montana Code 15-62-205
- Account: means an individual account established under this chapter. See Montana Code 15-62-103
- 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
- Designated beneficiary: means , with respect to an account, the person designated at the time that the account is opened as the person whose education expenses are expected to be paid from the account or if this person is replaced in accordance with 15-62-202, the individual replacing the former designated beneficiary. See Montana Code 15-62-103
- Program: means the family education savings program established pursuant to 15-62-201. See Montana Code 15-62-103
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)This section does not apply if:
(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; or
(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.