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340 (07/2026) Chapter 2:Eligibility • Section 5: Financial eligibility Oregon Administrative Rule(s) 461-145-0259 — Indian (Native American) Benefits; OSIP, OSIPM, and QMB 461-145-0261 — Individual Development Account (IDA) 410-200-0015 (54) and (55) — General Definitions 414-175-0035 — Specific Financial Requirements Individual education account (IEA) The IEA is an asset accrued by JOBS Plus participants. Exclude the IEA while it accumulates, while it is saved, and when it is withdrawn for educational purposes. Educational expenses are tuition, fees, and other necessary expenses for education at any educational institution. Educational expenses do not include the cost of shelter. Examples of educational expenses include: • Books • Lab fees • Student activity fees • Transportation • Stationary supplies • Technology fees • Impairment-related expenses necessary to attend school or perform schoolwork For OSIPM: • The value of funds in 529 Plan (otherwise known as a qualified tuition plan or program) is counted as a resource to the owner of the fund, but not to the beneficiary (the person who is going to college), unless the beneficiary is also the account owner. • Funds in a Coverdell Education Savings Accounts are treated as follows:
They are excluded as a resource to the designated beneficiary.
If the contributor is not a designated beneficiary, funds deposited into the account are no longer the resource of the contributor beginning with the month after the month the cash is transferred. The transfer may be considered a disqualifying transfer of resources by the contributor • Distributions from a Coverdell Education Savings Account to a designated beneficiary are treated as follows:
They are excluded as income in the month of receipt if used for educational expenses.
If the excluded distribution is retained into the month following the month of receipt, it is excluded as a resource for nine months beginning with the month after the month of receipt.
If the beneficiary spends any portion of a distribution for a purpose other than the educational expenses of the beneficiary, or no longer intends to use the funds for the educational expenses of the beneficiary, the non-education portion of the funds is countable as unearned income at the earlier of the following: » The month the funds are spent. » The month the beneficiary no longer intends to use the funds for educational expenses.