Virginia529 Waives Prepaid529 Late Fees during Coronavirus Disruption
As the personal and health costs of the COVID-19 outbreak continue to mount, Virginia529 recognizes that many customers also are being negatively impacted by the economic costs of this global outbreak.
Virginia529’s focus remains on the safety and well-being of customers, employees and the communities the agency serves. Operations were quickly shifted in early March to move toward a remote work environment while avoiding potential disruptions of service to customers.
Virginia529 stands ready to work with those experiencing financial difficulty during this challenging time. Late fees for Prepaid529 customers making installment payments have been waived and that waiver will continue for at least 60 days, pending subsequent re-evaluation. Customers will continue to receive payment reminders but will see that no penalties or fees are being assessed.
In addition, Virginia529 is prepared to offer additional assistance through a range of measures, some of which are described below:
- As outlined in the Invest529 Program Description, customers at any time may terminate automatic bank withdrawals for contributions to their accounts. Log in to your secure online account to make changes to your account.
- Virginia529 is unable to stop or hold payment reminders, but late fees are not being assessed at this time. Customers are encouraged to make payments to their account as they are able. Should customers wish to make further adjustments to their account (ex. change term details or final payment date), Virginia529 customer service will address that as needed once the emergency is over.
- If you wish to adjust your payment plan by extending the term or changing the payment amount, complete a Refinance/Downgrade Request by logging into your secure online account.
- Virginia529 will work with customers individually if they have questions about how to adjust contract terms.
With college admissions and billing calendars also being disrupted during this time, Virginia529 will work with customers, colleges and universities to ensure withdrawals for payments to schools are processed as requested and needed.
The long-term impacts of COVID-19 are unknown at this time, and its impact on the economy and financial markets also is difficult to estimate. Virginia529 is committed to providing the people, technology and services to help families and individuals dream, save and achieve for the future.
If you have any questions, please contact Virginia529.