For the very first time, there s a loophole in the 2007-2008 Free Application for Federal Student Aid, (FAFSA). As a result, families who own and control a small business and who are only required to complete the FAFSA, have a rare opportunity to capitalize on a financial aid bonanza! I direct your attention to a provision in the Higher Education Reconciliation Act of 2005 (S. 9132), which was approved by the Senate on Dec. 31, 2005, by the House on Feb. 2, 2006, and signed into law by President Bush on Feb. 8, 2006, that states, The net value of small businesses with not more than 100 full-time equivalent employees is excluded from the definition of assets.
More on 529 account and ohio 529 plan