Oklahoma § 70-3970.9 - Balance to be treated as asset of parent - Exceptions

§ 70-3970.9. Balance to be treated as asset of parent - Exceptions

A. 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.

B. Subsection A of this section applies to any financial

assistance program administered by a state-supported college or

university.

C. Subsections A and B of this section shall not apply if any

of the following conditions exist:

1. Federal law requires all or a portion of the amount in an

account to be considered in a different manner;

2. Federal benefits could be lost if all or a portion of the

amount in an account is not considered in a different manner; or

3. A specific grant establishing a financial assistance program

requires that all or a portion of the amount in an account be

considered as an asset of the student.

Added by Laws 1998, c. 366, § 9, eff. July 1, 1998.