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Counting Down to Graduation
It’s the exciting time of year when parents and high school seniors are planning for the next stop on their education journey. It also marks the first time you’ll likely use your account. Here are ways you can prepare for that next stop before paying for your student’s tuition or other qualified higher education expenses.
Review your plan documents.
It’s important to know all you can about your account details. The Prepaid529 and Invest529 Program Descriptions have all the pertinent information.
Attend a webinar/watch on-demand videos.
Want to know more about using your account? Sign up for a webinar or watch on-demand videos.
Log in to your online account.
You’ll want to sign into your online account and make sure the contact information (including addresses) is up to date for everyone on your account. Most requests can be made through your online account, so be sure to familiarize yourself with the portal.
Learn how to request funds.
When you’re ready to use your account, you’ll have to submit a withdrawal request. These requests can be done online, but processes and rules vary slightly.
Invest529 account owners can review the steps and qualified higher education expenses information in the Invest529 Withdrawal Guide.
Prepaid529 account owners should make sure their accounts are paid-in-full and review the Prepaid529 Benefits Guide for important withdrawal information.
Know your deadlines and processing times.
Keep your student’s school deadlines in mind when making your withdrawal requests so there isn’t a delay in payment.
For those using an Invest529 portfolio or a Prepaid529 contract at a non-Virginia school, you can submit withdrawal requests at any time. Typically, an online withdrawal request is processed within 2-3 business days.
For Prepaid529 account owners with students attending school in Virginia, withdrawal requests for the Fall semester should be submitted by June 1. Prepaid529 benefits are calculated prior to the beginning of each academic year, based on the school indicated on your withdrawal request. For more information, see Using your Prepaid529 Account for the First Time
