1. Who can participate in Private College 529 Plan?
An account may also be opened in the name of a trust, estate, or business for a named beneficiary or for unnamed beneficiaries. Accounts opened in the name of a trust, or business will require additional substantiation documentation to transact on the account.
2. What can I pay for with my Tuition Certificates?
Tuition Certificates can be used to pay for undergraduate tuition and mandatory fees. Mandatory fees are those fees each student must pay as a condition of enrollment at the college.
Mandatory fees do not include the cost of books, supplies or room and board.
3. Does the plan charge any fees?
No. The participating colleges and universities pay the investment fees and operating expenses. Every dollar you contribute goes toward the purchase of tuition.
4. How much can I contribute to a Private College 529 Plan account?
The maximum contribution per beneficiary changes annually and is equal to the cost of five years of full-time tuition at the most expensive participating college. For the 2021-2022 Program Year, the maximum is $317,030.
You may set up an automatic contribution plan and contribute as little as $25 a month. You are not required to make regular contributions. Especially if you are just getting started, you may contribute when you have money available, e.g. tax refund, bonus, inheritance. You must contribute a minimum of $500 within two years.
5. Do I need an account for each child?
By law, each 529 accounts can only have one beneficiary. You may change the beneficiary to another member of the beneficiary’s family.