Custodial Account vs 529: Which Is Right for Your Child?

You want to invest for your child's future, and you've narrowed it down to two options: a custodial account (UGMA/UTMA) or a 529 college savings plan. Both let you invest and build wealth for your child, but they have fundamentally different rules, tax treatments, and purposes.

Here's the honest truth: Neither option is universally "better." The right choice depends on your goals, your child's likely path, your income level, and whether flexibility or tax benefits matter more to you.

In this guide, we'll compare these accounts side-by-side, show you exactly when each makes sense, and give you a clear decision framework. We'll also explain why many families use both accounts together—one for college, one for life flexibility.

No sales pitch, no bias—just the information you need to make the right choice for your family.

Quick Comparison: At a Glance

The fundamental trade-off: Custodial accounts offer flexibility, 529 plans offer tax benefits.

Understanding Custodial Accounts (UGMA/UTMA)

What Are They?

Custodial accounts are investment accounts opened in a child's name, managed by an adult (custodian) until the child reaches the age of majority (18-25, depending on state).

Two types:

• UGMA (Uniform Gifts to Minors Act): Can hold financial assets—cash, stocks, bonds, mutual funds, ETFs
• UTMA (Uniform Transfers to Minors Act): Can hold UGMA assets PLUS real estate, patents, royalties, fine art

Key characteristic: The money legally belongs to the child from day one, even though you manage it.

How Custodial Accounts Work

Opening:

• You (parent, grandparent, aunt, uncle, anyone) open an account naming a child as beneficiary
• You're listed as custodian
• Child's Social Security number is used

Contributing:

• No contribution limits (but gift tax applies above $19,000/year per person)
• Anyone can contribute: parents, grandparents, family, friends
• Money immediately becomes child's property

Investing:

• Invest in anything: stocks, bonds, ETFs, mutual funds, even crypto (on some platforms)
• You choose investments and manage the account
• Can buy, sell, rebalance as you wish

Using the money:

• While child is minor: Can withdraw for anything that benefits child (education, medical care, summer camp, first car, etc.)
• After age of majority: Child takes full control and can use for anything

Taxes:

• First $1,350 of investment income (2026): Not taxed
• Next $1,350: Taxed at child's rate (usually 0-10%)
• Above $2,700: Taxed at parent's rate ("kiddie tax")

Custodial Account Pros

✅ Ultimate flexibility: Money can be used for ANY purpose—college, trade school, starting a business, down payment on home, wedding, car, gap year travel, anything

✅ No contribution limits: Unlike 529s or IRAs, no annual cap on contributions (subject to gift tax rules)

✅ Investment freedom: Can invest in anything available in the market—individual stocks, crypto, real estate, not limited to preset portfolios

✅ Anyone can contribute: Easy for grandparents, relatives, friends to add money

✅ Tax advantages for first $2,700: Investment income up to $2,700 gets favorable tax treatment

✅ Teaching tool: Can show child their account, explain investing, involve them in decisions as they grow

✅ Irrevocable gift: Removes assets from your estate for estate planning purposes

✅ No education restrictions: If child doesn't attend college, no penalty—money is theirs for their actual life path

Custodial Account Cons

⚠️ Child gets full control at 18-25: Once they reach age of majority in your state, they can legally do whatever they want with the money—you can't stop them

⚠️ Significant financial aid impact: Counted as student asset (20% assessment rate vs. 5.64% for parent-owned 529s). $50,000 in account reduces aid by ~$10,000/year

⚠️ Kiddie tax on income above $2,700: Investment income over $2,700 taxed at your marginal rate (could be 22-37%)

⚠️ No tax-free growth: You pay taxes annually on dividends, interest, and capital gains (though first $2,700 gets favorable treatment)

⚠️ No state tax deductions: Unlike 529s, you don't get state tax breaks for contributions

⚠️ Can't take money back: Once contributed, it's irrevocably the child's—you can't change your mind

⚠️ One beneficiary only: Can't transfer to another child like you can with 529s

When Custodial Accounts Make the Most Sense

Choose a custodial account if:

1. Your child may not attend traditional college
   • Interested in trade school, entrepreneurship, creative career, or other non-traditional path
   • You want them to have options beyond just education
2. You value flexibility over tax benefits
   • Don't want money locked into education-only use
   • Want child to decide how to use funds when older
3. You're comfortable with child gaining control at 18-21
   • Trust they'll make reasonable decisions
   • Have discussed financial responsibility with them
4. You won't qualify for financial aid anyway
   • High household income
   • Financial aid impact doesn't matter to your family
5. You want to teach investing hands-on
   • Can involve child in investment decisions
   • Show them account statements and growth over time
6. You're saving for multiple purposes
   • Not just college, but also car, business startup, down payment, etc.

Real Example:

The Rodriguez Family:

• Son (age 8) passionate about music and entrepreneurship
• Parents uncertain about traditional college path
• Open custodial account: $200/month
• At age 18: $54,000 available
• Son uses $20,000 to fund music production equipment and first album
• Uses $15,000 for community college music business courses
• Keeps $19,000 invested for future needs
• No penalties, total flexibility for his actual path

Understanding 529 College Savings Plans

What Are They?

529 plans are state-sponsored, tax-advantaged investment accounts designed specifically for education savings. Money grows tax-free and can be withdrawn tax-free when used for qualified education expenses.

Named after: Section 529 of the Internal Revenue Code

Sponsor: Each state offers its own 529 plan (you can use any state's plan, not just your own)

How 529 Plans Work

Opening:

• Choose a state's plan (your state or another)
• Open account as owner (parent, grandparent, etc.)
• Name child as beneficiary
• Child never owns the account—you maintain control indefinitely

Contributing:

• No annual federal limit, but lifetime limits $300,000-$500,000 (varies by state)
• Gift tax exclusion: $19,000/year per person ($38,000 for married couples)
• "Superfunding": Can contribute 5 years' worth at once ($90,000/$180,000)

Investing:

• Choose from plan's investment options (typically 10-30 portfolios)
• Age-based portfolios automatically adjust risk as child approaches college
• Can change investments twice per year or when changing beneficiary

Using the money:

• Tax-free withdrawals for qualified education expenses:
  • College tuition, fees, room & board, books, supplies, computer
  • K-12 private school tuition (up to $10,000/year)
  • Apprenticeship programs
  • Student loan repayment (up to $10,000 lifetime)
• Non-qualified withdrawals: 10% penalty + income tax on earnings

Taxes:

• Tax-free growth (no annual taxes on dividends, interest, capital gains)
• Tax-free withdrawals (when used for education)
• State tax deduction or credit in most states

2024 Game-Changer: Roth IRA Rollover

• Can roll unused funds to beneficiary's Roth IRA (up to $35,000 lifetime)
• Must have had 529 for 15+ years
• No 10% penalty, no income taxes
• Solves the "what if they don't go to college" problem

529 Plan Pros

✅ Tax-free growth: No taxes on investment gains—money compounds faster

✅ Tax-free withdrawals: No taxes when used for education—every dollar goes to tuition

✅ State tax benefits: Most states offer deductions or credits (can save $500-2,000/year in taxes)

✅ Minimal financial aid impact: Parent-owned 529s count as parental assets (5.64% rate). Grandparent-owned 529s don't count at all (as of 2024 FAFSA changes)

✅ High contribution limits: Can save $300,000-$500,000+ over account's lifetime

✅ You maintain control: Even when child is 30, you still own the account—they can't blow it

✅ Flexible beneficiary: Can change to sibling, cousin, parent, even yourself—no penalty

✅ Superfunding for estate planning: Grandparents can contribute $90,000 at once using 5-year election

✅ Roth IRA rollover option (2024+): Unused funds can become retirement savings—no penalty

✅ Simple investing: Age-based portfolios do the work for you—automatically adjust risk

529 Plan Cons

⚠️ Education-only restriction: Money locked into education expenses or face 10% penalty + taxes

⚠️ Limited investment options: Stuck with plan's offerings—can't pick individual stocks

⚠️ State-specific complexity: 50 different plans with different fees, options, and benefits

⚠️ Penalties for non-education use: If child doesn't go to college, you have limited options:

• Transfer to another family member (but what if there's no one else?)
• Pay 10% penalty + taxes to withdraw
• Roll to Roth IRA (new option, but has limits)

⚠️ Qualified expense restrictions: Not everything education-related qualifies (transportation, many living expenses, application fees, etc.)

⚠️ Investment change limitations: Can only change investments twice per year (unless changing beneficiary)

⚠️ K-12 use depletes college savings: If you use for private elementary school, less left for college

When 529 Plans Make the Most Sense

Choose a 529 plan if:

1. Your child will definitely attend college or trade school
   • Strong academic performance and interest
   • Family culture values higher education
   • Career path requires degree
2. You want to maximize tax benefits
   • State offers significant tax deduction or credit
   • High income means tax savings are substantial
   • Want tax-free growth and withdrawals
3. Financial aid eligibility matters
   • Household income where aid is possible
   • Want to minimize impact on aid calculations
   • Especially if grandparents open the 529 (zero impact on aid now)
4. You want to retain control
   • Don't want child to have access at 18-21
   • Want ability to change beneficiary if needed
   • Prefer keeping decision-making power
5. You value simplicity
   • Want automatic age-based investing
   • Don't want to actively manage investments
   • Appreciate clear "education only" purpose
6. Estate planning is important
   • Especially relevant for grandparents
   • Removes assets from your estate
   • Can superfund $90,000/$180,000 at once

Real Example:

The Thompson Family:

• Daughter (age 3) in family with strong academic tradition
• Parents earn $150,000 (likely aid-eligible at private schools)
• Open Virginia 529: $300/month
• Virginia offers $4,000/year tax deduction
• Annual state tax savings: $200/year × 15 years = $3,000
• At age 18: $97,000 saved tax-free
• Daughter attends college: $28,000/year
• 529 covers 3.5 years completely tax-free
• Saved thousands in taxes, minimal aid impact, perfect for college

The Financial Aid Impact: The Detail That Matters

This is one of the biggest practical differences between the two accounts.

How Financial Aid Works (Simplified)

FAFSA (Free Application for Federal Student Aid) calculates:

1. Expected Family Contribution (EFC)
2. Cost of Attendance (COA)
3. Financial Need = COA - EFC

Lower EFC = More financial aid

Assets affect EFC:

• Parental assets: Assessed at 5.64% (max)
• Student assets: Assessed at 20%

Custodial Accounts and Financial Aid

Treatment: Custodial accounts are considered student assets

Impact:

• $50,000 in custodial account
• Reduces aid eligibility by $10,000/year (20% × $50,000)
• Over 4 years: $40,000 less in potential aid

This is significant and often overlooked when opening custodial accounts.

529 Plans and Financial Aid

Parent-Owned 529:

• Considered parental asset
• $50,000 in 529
• Reduces aid eligibility by $2,820/year (5.64% × $50,000)
• Over 4 years: $11,280 less in potential aid

Grandparent-Owned 529 (As of 2024-25 FAFSA):

• Not counted at all (major improvement!)
• Used to count as student income (devastating for aid)
• Now one of the best options for aid-conscious families
• $50,000 in grandparent 529: $0 impact on aid

The Math: Custodial vs 529 for Financial Aid

Family expecting to qualify for aid:

Scenario: $60,000 saved for college

Option A - Custodial Account:

• $60,000 × 20% = $12,000/year aid reduction
• 4 years = $48,000 less aid
• Flexibility benefit: Can use for non-college purposes

Option B - Parent-Owned 529:

• $60,000 × 5.64% = $3,384/year aid reduction
• 4 years = $13,536 less aid
• Aid advantage: $34,464 more in aid vs custodial account

Option C - Grandparent-Owned 529:

• $0 impact on aid
• Aid advantage: $48,000 more in aid vs custodial account

For families expecting need-based aid, this is a massive difference.

Tax Treatment Comparison: The Real Dollars

Let's compare actual tax impact over 18 years of saving.

Scenario: Contributing $300/month from birth

Custodial Account Tax Impact:

Year 5 (account = ~$19,000):

• Dividends earned: $600
• Capital gains: $0 (not selling)
• Tax: $0 (under $1,350 threshold)

Year 10 (account = ~$42,000):

• Dividends earned: $1,400
• Tax: $5 (next $50 after first $1,350 taxed at 10%)

Year 15 (account = ~$70,000):

• Dividends earned: $2,400
• Tax: $105 (first $1,350 free, next $1,050 at 10%)

Year 18 (account = ~$90,000):

• Dividends earned: $3,200
• Tax: $255 (kiddie tax on $500 over $2,700 at 24% parent rate + $135 on middle bracket)

Total taxes paid over 18 years: ~$1,500

Plus: When child sells investments, capital gains taxes owed

529 Plan Tax Impact:

Total taxes paid over 18 years: $0

Plus: When withdrawn for education, $0 additional taxes

But: State tax savings from deductions: Could be $3,000-5,000 over 18 years

Net tax advantage for 529: $4,500-6,500 in this scenario

However: Custodial account offers flexibility worth potentially more than tax savings if child doesn't attend college.

Decision Framework: Choosing the Right Account

Step 1: Assess College Likelihood

Is your child likely to attend traditional college?

Definitely Yes (90%+ confident):

• Strong academic performance
• Family culture values degrees
• Career interest requires college → 529 plan is likely better

Probably (60-80% confident):

• Too young to know for sure
• Could go either way → Consider both: 529 for base, custodial for flexibility

Uncertain or No (below 60%):

• Very young
• Interested in trades, entrepreneurship, creative fields
• Learning differences or challenges → Custodial account for maximum flexibility

Step 2: Consider Financial Aid

Will you likely qualify for need-based financial aid?

Calculate: Use FAFSA4caster or similar tool

If likely eligible: → 529 plan dramatically better (especially grandparent-owned)

If unlikely eligible (household income $200k+): → Financial aid impact doesn't matter—choose based on other factors

Step 3: Evaluate State Tax Benefits

Check your state's 529 benefits:

• Visit your state's 529 website
• Calculate annual tax savings (contribution × your state tax rate)
• Multiply by years until college

Significant savings ($500+/year): → Strong 529 advantage

Minimal or no savings: → Neutral factor

Step 4: Consider Control Preferences

Are you comfortable with child gaining control at age 18-21?

Yes, I trust them / will teach financial responsibility: → Custodial account fine

No, I want to retain control: → 529 plan retains control indefinitely

Unsure: → 529 safer choice

Step 5: Weigh Flexibility vs Tax Benefits

Final trade-off:

Flexibility matters more if:

• Child's path uncertain
• You value optionality
• Want money available for non-education life needs → Lean custodial account

Tax benefits matter more if:

• College is certain
• State tax savings significant
• Want maximum money for education dollar → Lean 529 plan

The "Both" Strategy: Best of Both Worlds

Many savvy families use BOTH account types for different purposes.

Strategy 1: 529 Primary + Custodial Secondary

Allocation:

• 70-80% contributions to 529 (college covered)
• 20-30% to custodial account (life flexibility)

Example:

The Martinez Family - $400/month total:

• $300/month → 529 plan
• $100/month → Custodial account

At 18:

• 529: $113,000 (for college)
• Custodial: $38,000 (for first car, gap year, wedding, emergency, whatever)

Benefit:

• College covered with tax advantages
• Child also has flexible money for life
• Not putting all eggs in education-only basket

Strategy 2: Age-Based Transition

Allocation:

• Ages 0-10: Custodial account (see if college-bound)
• Ages 11-18: Shift new contributions to 529

Example:

The Chen Family:

• Ages 0-10: $200/month to custodial = $30,000 (flexibility maintained)
• Ages 11-18: $300/month to 529 = $36,000 (college covered, tax benefits)

At 18:

• Custodial: $46,000 (with growth)
• 529: $45,000 (with growth)
• Total: $91,000
• Flexibility for $46k, education-optimized for $45k

Strategy 3: Multiple Children

Allocation:

• 529 plan (parent-owned) for ALL children (transferable beneficiary)
• Custodial account for EACH child individually

Example:

The Williams Family (3 kids):

• One 529: $500/month for oldest, can transfer to others if not needed
• Three custodial accounts: $100/month each child

Benefit:

• 529 flexibility to shift between kids
• Each child has their own personal savings
• Fairness if some kids attend college and others don't

Strategy 4: Grandparent 529 + Parent Custodial

Allocation:

• Grandparents: Open 529 in their name (no financial aid impact!)
• Parents: Open custodial account

Example:

Grandparents: $200/month to their own 529 = $76,000 by college Parents: $200/month to custodial = $76,000 by age 18

At college:

• Grandparent 529: $76,000 for tuition (zero financial aid impact!)
• Custodial account: $76,000 for living expenses, books, car, life
• Total: $152,000, optimized for aid

Real Family Decision Stories

The "We Did Both and Glad We Did" Family: "We put 70% into a 529 and 30% into a custodial account. Our daughter ended up at an affordable state school and got a partial scholarship. The 529 covered her tuition, and the custodial account paid for her study abroad program and helped her buy a reliable used car. If we'd put everything in a 529, that flexibility wouldn't have been there." - Lisa & Tom, parents of one

The "529 Was Perfect" Family: "Both our kids attended expensive private colleges. The 529 tax benefits saved us about $4,000 in state taxes over the years, and withdrawing $160,000 completely tax-free was huge. If we'd used custodial accounts, we'd have paid taxes on all those capital gains. 529 was definitely the right choice for our family." - Sarah & Mike, parents of two

The "Custodial Account Saved Us" Family: "Our son decided college wasn't for him after one semester. He used the custodial account money to get certified as an electrician and buy his work truck. If that had been in a 529, we'd have paid a 10% penalty plus taxes to access it. The flexibility was worth more than any tax benefit." - Jennifer, single mom

The "Wish We'd Thought About Financial Aid" Family: "We put $75,000 in a custodial account over 10 years. When our daughter applied to colleges, it killed our financial aid. Schools basically said 'you have money, use it first.' We got almost no aid despite our $95,000 income. If we'd used a 529, we'd have qualified for probably $30,000+ more in aid over 4 years. Expensive lesson learned." - Mark & Dana, parents of three

Common Questions Answered

Can I move money from a custodial account to a 529?

Not directly. The custodial account assets belong to the child.

Workaround:

• Liquidate investments in custodial account (may trigger capital gains taxes)
• Gift proceeds to child
• Contribute to 529 with child as beneficiary
• Caution: This doesn't change account ownership—custodial assets remain child's

Better approach: Start with right account from the beginning.

What if my child gets a scholarship—what happens to the 529?

You have several penalty-free options:

1. Withdraw scholarship amount:
   • No 10% penalty (waived for scholarship amount)
   • Pay income tax on earnings only
2. Transfer to sibling:
   • Change beneficiary to another child
   • No penalty, money continues growing
3. Save for graduate school:
   • Keep for child's future master's/PhD
   • No deadline or expiration
4. Roll to Roth IRA (new in 2024):
   • Up to $35,000 lifetime
   • Must have had 529 for 15+ years
   • Becomes retirement savings
5. Transfer to parent/relative:
   • You could use for your own continuing education

This is why 529 flexibility has improved dramatically—scholarship risk is much lower now.

Can grandparents contribute to both account types?

Yes! Grandparents can contribute to:

• Parent's 529 plan
• Their own 529 plan (naming grandchild as beneficiary)
• Child's custodial account (via parent/custodian)

Recommended: Have grandparents open their own 529 (zero financial aid impact as of 2024).

What's better for a newborn when I don't know their path yet?

Most flexible approach:

Year 1-5:

• Start with small 529 contributions ($100/month)
• Simultaneously start custodial account ($50/month)
• See how child develops

Year 6-10:

• Assess child's interests, strengths, personality
• If college-bound trajectory: Increase 529, maintain custodial
• If uncertain: Increase custodial, maintain 529

Year 11-18:

• College clear: Focus on 529
• College unlikely: Focus on custodial

This hedges your bets and gives you time to observe before committing fully.

Does it matter who opens the account?

Yes, significantly—especially for financial aid.

Parent-Owned 529:

• 5.64% financial aid assessment
• Moderate impact

Grandparent-Owned 529:

• 0% financial aid assessment (as of 2024)
• No impact—best for aid-seeking families

Custodial Account:

• 20% financial aid assessment
• High impact
• Must be opened by adult for child

Strategic: Grandparents should open 529s in their name if aid is expected.

State-by-State 529 Tax Benefits (Top States)

Most Generous Tax Benefits:

Arizona, Arkansas, Kansas, Minnesota, Montana, Pennsylvania:

• Full state tax deduction (no cap)

New York:

• $5,000 deduction ($10,000 married)
• 6.5% state tax = $325-$650/year savings

Illinois:

• $10,000 deduction ($20,000 married)
• 4.95% state tax = $495-$990/year savings

Colorado:

• Full contribution amount deductible
• 4.4% state tax = major savings

Indiana:

• 20% tax credit up to $1,000
• Contribute $5,000, get $1,000 back immediately

States with NO income tax (no 529 state benefit):

• Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, Wyoming

In these states: Custodial account vs 529 decision weighted more toward flexibility since you don't lose state tax benefit.

Tax-Smart Strategies for Both Accounts

Strategy 1: Start Custodial, Convert to 529 If College Path Becomes Clear

Ages 0-12: Custodial account (flexibility maintained) Ages 13-18: Stop custodial contributions, max out 529 contributions

Benefit:

• Early flexibility preserved
• Later years get 529 tax benefits when college is more certain
• Custodial money available for non-college expenses

Strategy 2: Use Custodial for K-12, 529 for College

K-12 years: Custodial account pays for private school, tutoring, enrichment College years: 529 pays for college expenses

Benefit:

• Custodial account useful for non-tuition K-12 expenses (529 only covers tuition)
• 529 preserved entirely for college
• Both accounts serve clear purposes

Strategy 3: Custodial Becomes Emergency Fund

Primary: 529 for college Secondary: Custodial as family/child emergency fund

Use custodial for:

• Unexpected medical expenses for child
• Essential needs (braces, glasses, etc.)
• Educational summer programs
• Therapy or special education needs

Benefit:

• 529 protected for college
• Custodial provides safety net
• Both accounts have clear roles

Making Your Final Decision

Choose 529 plan if you answer "yes" to 3+ of these:

• Child will very likely attend college (80%+ confident)
• You'll possibly qualify for financial aid
• Your state offers significant tax benefits ($300+/year)
• You want to retain control of funds indefinitely
• Tax-free growth matters more than flexibility
• You prefer simple, automatic investing

Choose custodial account if you answer "yes" to 3+ of these:

• Child's education path is uncertain
• You value maximum flexibility
• You won't qualify for financial aid (high income)
• You want child to eventually control the money
• State offers no/minimal 529 tax benefits
• You want to teach hands-on investing
• You're comfortable with potential taxes

Consider BOTH if:

• You can afford to fund both (~$300-500/month total)
• You want college covered AND life flexibility
• You have multiple children
• You want to hedge uncertainty

Bottom Line: There's No Single "Right" Answer

The "custodial account vs 529" question doesn't have a universal answer because families have different:

• Income levels (affects aid and tax benefits)
• State tax situations (affects 529 value)
• Children's likely paths (affects flexibility needs)
• Risk tolerances (affects control preferences)
• Values around money and education

What we know:

• 529s are better for families certain about college, especially when state tax benefits are strong and financial aid is possible
• Custodial accounts are better for families wanting flexibility, especially when college is uncertain or aid won't be available
• Using both often makes the most sense, giving you tax benefits for education plus flexibility for life

Start here:

1. Assess college likelihood (Step 1 from decision framework)
2. Check your state's 529 benefits
3. Estimate financial aid eligibility
4. Decide your priority: tax benefits or flexibility
5. Choose accordingly—or do both

Whichever you choose, the important part is that you're investing in your child's future. Both accounts help you build wealth for them—they just do it in different ways with different trade-offs.

Start with one, learn as you go, and adjust your strategy as your child grows and their path becomes clearer. That's what most successful families do.

Ready to Start Investing for Your Child?

Whether you choose a 529, custodial account, or both, the key is starting today. Open an account, set up automatic contributions, and let compound growth do the heavy lifting. Your child's future self will thank you.

Disclaimer: This article provides educational information comparing custodial accounts and 529 plans. It should not be considered financial, investment, tax, or legal advice. Financial aid treatment, tax laws, and state 529 benefits change frequently and vary by individual circumstances and state. The information provided reflects current federal law as of 2024 but may not reflect the most current legal developments or apply to your specific situation. Before opening any account or making investment decisions, consult with qualified financial, tax, and/or legal professionals for personalized guidance specific to your family's situation and goals.

_Sources:

• Internal Revenue Service. "Publication 970: Tax Benefits for Education."
• Federal Student Aid. "FAFSA Changes for 2024-25."
• SavingForCollege.com. "529 Plan Comparison and State Tax Benefits."
• Internal Revenue Service. "Publication 929: Tax Rules for Children and Dependents."
• College Board. "Trends in College Pricing and Student Aid 2024."_