Your turn to ask: Does Prepaid529 cover admission deposits?
When you accept a college’s admittance offer, you will likely send in a deposit to secure your spot. Many parents wonder if they can use Prepaid529 for these types of expenses. Prepaid529 covers only Tuition* so admission deposits are not expenses covered by a Prepaid529 contract. Deposits, like some other qualified higher education expenses, must be paid out-of-pocket or via distribution (or reimbursement) from a 529 savings account, like Invest529 or CollegeAmerica.
Most colleges require that incoming students confirm attendance plans by May 1, but check with your specific institution for details.
Entering college is an exciting time of new experiences and expectations. For help using your Virginia529 benefits, read Preparing for freshman year.
Prepaid529 Invest529 CollegeAmerica Preparing for freshman year
*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