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

70 OK Stat § 70-3970.9 (2019) (N/A)
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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.

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§70-3970.7. Program accounts.
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§70-3970.10. Limitations.