2018 Oklahoma Statutes
Title 70. Schools
§70-3970.9. Balance to be treated as asset of parent - Exceptions.

Universal Citation: 70 OK Stat § 70-3970.9 (2018)

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.

Disclaimer: These codes may not be the most recent version. Oklahoma may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.