The impact of a 529 plan on your child's or your own financial assistance relies on a few factors, including who owns the plan, the kind of financial aid you're asking for, and when you'll be taking money out of the account. A 529 plan typically belongs to the beneficiary's parent, the student, or a family. The amount of financial aid will vary depending on who owns the account. If a relative owns the account in this instance rather than a parent or student, the aid will be lower.