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Frequently Asked Questions

Invest529

First, read about the programs Virginia529 offers, specifically the Program Description for the program(s) in which you are interested. After you have selected a program, select "Open an account" from the top of any page to gather the information you need to get started. After you create an online user profile, you can complete the application for Invest529. To open a CollegeAmerica account, contact your financial advisor or visit americanfunds.com.

Any non-retirement investment or savings account may affect eligibility. For accounts owned by parents and dependent students, the Free Application for Federal Student Aid (FAFSA) assesses 529 assets at a maximum of 5.64 percent of the value when calculating the Expected Family Contribution (EFC) for financial aid eligibility. Accounts owned by other parties will impact eligibility differently. For more information, consult studentaid.gov or an educational financial aid advisor.

You have thirty years after the beneficiary’s projected high school graduation date, or thirty years from when the account was opened (if opened after the beneficiary’s high school graduation) for Invest529 and CollegeAmerica accounts. You have ten years after the beneficiary’s projected high school graduation date to use a Prepaid529 account. Virginia529, in its sole discretion, may grant extensions of time in which to use a Virginia529 account.

Account ownership can be transferred at any time to an individual 18 years of age or older and a U.S. citizen or legal U.S. resident. Account benefits can be transferred to a member of the current beneficiary’s family without penalty. Penalties may apply if transferred to an individual who is not a member of the current beneficiary’s family. Please read the applicable Program Descriptions and consult your tax adviser for more information.