How does money saved in an ABLE account impact current or future financial aid benefits?
The U.S. Department of Education has not provided official guidance on how ABLE relates to financial aid. But the Free Application for Federal Student Aid (FAFSA) released on October 1, 2019, offers reassurance to prospective and current ABLEnow account owners who hope to qualify for grants, scholarships, work-study and loans to pay for higher education.
For the first time, the 2020-2021 FAFSA mentions ABLE accounts. The application “Help” sections of the following FASFA questions, linked below, confirm that ABLE accounts are not considered an asset of the student or their parent in determining financial aid.
For additional information on how ABLE accounts won’t adversely impact most disability benefits, visit our Frequently Asked Questions.
For questions on opening or managing an ABLEnow account, please contact Customer Service.