Information for Institutions

Higher Education

Funds may be paid to an Eligible Educational Institution, which includes any college, university, or vocational school in the U.S. or abroad that participates in federal financial aid programs, to include undergraduate and graduate degrees, and other various certification and training programs. Search for eligible schools or school codes on the U.S. Department of Education’s Federal Student Aid website, https://studentaid.gov/.

K-12 Education

While K-12 institutions are not considered Eligible Educational Institutions, Invest529 may disburse up to $10,000 toward tuition per student per year at any elementary or secondary public, private or religious school as determined under applicable state law.

Virginia public college or university (two-year or four-year)

Prepaid529 will pay tuition and mandatory fees for normal full-time course loads (12 – 18 credit hours) in a general course of study at Virginia public four-year institutions. Additional charges for a specific major, class, program or course of study, often referred to as “Differential Tuition”, are not covered by Prepaid529.

Virginia private college or university

Virginia private, or independent schools include both non-profit and accredited proprietary schools eligible to participate in the federal financial aid program.

Prepaid529 will pay the lesser of:

• Contract payments made plus the actual rate of return.

or

• The highest in-state undergraduate tuition and mandatory fees at a Virginia public college or university in the semester in which benefits are used. Payouts to Virginia private colleges or universities may not cover the full cost of tuition and mandatory fees. However, it will never be less than the minimum benefit which, in most cases, is equal to the total payments made on the contract, plus the Prepaid529 reasonable rate of return.

Out-of-State Institution

For a college or university outside of Virginia, Prepaid529 will pay the lesser of:

• Contract payments made plus the Prepaid529 reasonable rate of return, compounded annually.

or

• The average in-state undergraduate tuition and mandatory fees at Virginia public institutions in the semester benefits are used. However, the payout will never be less than the minimum benefit.

• Higher Education: Tuition, fees, meal plans, room and board, textbooks, computers and related equipment and any other supplies required to attend, to include special needs services.
• The student must be enrolled at least half time to qualify for room and board expenses.
• K-12 Education: Tuition at private, public and religious schools—up to $10,000 per beneficiary per year.
• Registered Apprenticeship Programs: Fees, training, supplies and other required equipment. The program must be registered and certified with the United States Department of Labor.

Virginia college or university

1. The Account Owner must request a withdrawal from Invest529 for the student.
• NO payment arrangements will be made until Invest529 receives the withdrawal request AND the Prepaid529 Account is paid in full.
2. A roster, or list of participants, in the Prepaid529 program is sent to the institution from Invest529 prior to the start of classes for each semester of enrolled students.
   • If a withdrawal request has been submitted and the student is not on the roster, the Account Owner needs to contact Invest529 Customer Service for further assistance.
   • The roster lists the student, school’s student identification number, units remaining, and other helpful information, such as the Prepaid529 account number or special instructions from the account owner regarding use.
   • For students with partial units remaining that will not cover a full semester (12 – 18 credits at Virginia public schools or 16 at a community college), the maximum payout is provided.
   • For Virginia private schools, the maximum payout is provided for the academic year, broken further down by semester or quarters.
   • Please note graduate level courses are paid at the in-state undergraduate rate.
3. It is helpful and reduces questions and concerns if a pending credit (or similar) is placed on the institution’s student account until payment is received.
4. The institution will submit an itemized invoice to Invest529 after the add/drop period.
5. Invoices are processed in the order of receipt and within 30 days of receipt.

College or university outside of Virginia

1. The Account Owner must request a withdrawal from Invest529 made payable to the institution for the student for each term.
• Indicates the amount to be paid to the institution.
• Includes the student’s School Identification Number.
2. Payment will be sent to the institution by Invest529 after the request is received in good standing.

1. The Account Owner must request a withdrawal from Invest529 made payable to the institution.
   • Indicates the amount to be paid to the institution.
   • Includes the student’s School Identification Number.
2. Payment will be sent to the institution by Invest529 after the request is received in good standing.

Invest529 may pay funds by automated clearing house (ACH) to institutions. These ACH payments are sent via a corporate trade exchange (CTX); a system used by government agencies for monetary transfer with large remittance addendum record capability. Institutions who enroll in this ACH program will receive the above remittance information from Invest529’s banking partner, Wells Fargo, within the file exchange to the institution’s banking partner. The ACH enrolled institution will also receive an email to the address or addresses provided on the ACH Authorization Form from Wells Fargo (PaymentRemittanceInformation@wellsfargo.com) as withdrawals are processed to the institution from Invest529. Remittance notices reside for 30 days on the secure system.

Follow the steps on the Reference Guide to set up as a new user in the online system to access payment remittance information.