President Donald Trump’s newly launched Trump Accounts could affect a student’s eligibility for need-based college financial aid, although the U.S. Department of Education has not yet issued official guidance on how the accounts should be reported on the Free Application for Federal Student Aid, or FAFSA, according to a CNBC report published Thursday.
Trump Accounts, also known as 530A accounts, are tax-deferred investment accounts created under the One Big Beautiful Bill Act. Eligible U.S. children born between Jan. 1, 2025, and Dec. 31, 2028, can receive a one-time $1,000 contribution from the U.S. Treasury, while families and others can contribute up to $5,000 annually.
