1. Short title This Act may be cited as the Student Aid and Tax Advantaged Accounts Reform Act of 2020 or the STAR Act of 2020 . 2. Treatment of certain qualified education benefits for financial aid purposes Section 480(f) of the Higher Education Act of 1965 ( 20 U.S.C. 1087vv(f) ) is amended— (1) by amending subparagraph (B) of paragraph (3) to read as follows: (B) the parent if the student is a dependent student, regardless of whether the owner of the account is the student or the parent, except that the value of a qualified education benefit with a designated beneficiary other than the dependent student applying for aid under this title shall not be considered an asset of the parent. ; and (2) in paragraph (4)— (A) in subparagraph (A), by striking and at the end; and (B) by striking subparagraph (B) inserting the following: (B) in the case of a program in which contributions are made to an account that is established for the purpose of meeting the qualified higher education expenses of an independent student who is the designated beneficiary of the account, the current balance of such account