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Beginner's Guide to Roth and Traditional IRA's as College Savings Accounts

By , About.com Guide

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Eligible Expenses and Effect on Financial Aid for a College IRA

Eligible Expenses:

  • Tuition at the college level or higher (but not room and board)
  • Books, equipment, and fees (if required by the school)

Effect on Federal Financial Aid Eligibility:

Money held in retirement accounts such as a Traditional or Roth IRA does not need to be reported on the Federal FAFSA form. Thus, it will not hurt financial aid eligibility.

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