34. Which of the following statements regarding education funding is (are) true? 1. UTMA account funds may not be used to pay for furnishings for the student's off-campus apartment. 2. Tax-free distributions may not be made from both a 529 plan and an ESA in the same year. 3. If there is a dual need for a death benefit and a savings element, life insurance may be part of the education funding plan. a, 1 and 2 b. 1 and 3. 3 only. d. Neither 1.2. nor 3. 32. Which of the following will have the MOST negative impact on need-based financial aid in the 2021-2022 academic year? a. The balance in a 529 plan with the grandparents as owners and the grandchild as beneficiary. b. The balance in an UGMA account. c. The balance in the parent's traditional IRA. d. The cash value of a life insurance policy owned by the parent