Except as otherwise required by federal law, any money deposited into the trust and credited to a designated beneficiary, and any increase in the values thereof, shall not be used to calculate the personal assets of a designated beneficiary for purposes of determining income eligibility of the designated beneficiary for state or local assistance programs including:
(1) Any disability, medical, or other health benefits administered by the state; and
(2) Any student loan program, student grant program, or other student financial program administered by the state.