After pouring all the time, effort and emotion into college applications, your student has been accepted to one — or more — of the schools on their list. Congratulations! But there’s still work to be done because now you need to decide how (and when) to pay the enrollment deposit that will secure your student’s spot.
Students are typically required to submit a financial deposit to the school they plan to attend. This may range from $50 to $500 (or even more in a few cases), and it will likely guarantee their place in the class. But can you use your Virginia529 account to cover the enrollment deposit at their chosen college or university?
That depends on what type of Virginia529 account you have.
Enrollment deposits, like some other qualified higher education expenses, can be paid out-of-pocket or through withdrawal (or reimbursement) from certain 529 savings accounts, like Invest529 or CollegeAmerica.
However, Prepaid529 only covers Tuition* costs, so enrollment deposits will not be covered by a Prepaid529 contract.
For help using your Virginia529 benefits, read Counting Down to Graduation.
Entering college is an exciting time of new experiences and expectations, enjoy this journey!
*Tuition and mandatory fees that are required and imposed as a condition of enrollment of all students for a normal full-time undergraduate course load at a Virginia public 2-year or 4-year institution.