You’ve been saving for this day, and it’s now time to use your Virginia529 account!
Ready to get started? Here are some things you need to know about making withdrawals.
Invest529 accounts are flexible and can be used to pay tuition, fees or other qualified higher education expenses. You can also use your Invest529 account toward K-12 education, student loan repayment or registered apprenticeship programs.
A new withdrawal request is needed anytime you want to use your Invest529 account. During the process, you can choose where the funds are sent (to the student, the school, or yourself).
If you request a check or payment directly to the school, it may take up to 10 business days for the school to receive it.
If you request an electronic bank transfer, funds are usually available within 1-2 business days.
Regardless of how you use your account, keep deadlines in mind when making your withdrawal request.
Virginia529 calculates your Prepaid529 benefits before each academic year based on your student's school. Withdrawals and payments differ slightly based on the location of the school.
Students attending Virginia Schools
A withdrawal request is only submitted once, usually before your student's freshman year of college. Virginia529 pays the school each fall and spring semester after receiving an invoice (usually after the add/drop period). This repeats automatically until all your Prepaid529 benefits are used up, or until you tell Virginia529 to stop sending benefits to the school.
Remember, if your student takes a course during winter or summer sessions, you must submit a separate withdrawal request for each session.
Students attending Non-Virginia Schools
A new withdrawal request needs to be submitted each semester. You can choose where the funds are sent (to the student, the school, or yourself). Be sure to keep deadlines in mind when making your withdrawal requests.
Need to make changes? You can do this using your online account.
- If your student stops attending school, complete a Stop Benefits request.
- If your student changes schools, you’ll need to complete a new withdrawal request. Be sure to click "Transfer" during the process so Virginia529 knows there has been a change.