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Frequently Asked Questions


Yes. Typically you can move funds into or out of your Virginia529 accounts through a rollover, transfer or investment option change. For details, please see the Move Funds page.

An account owner may initiate an investment option change twice per calendar year per student. If there is a change in student, an investment option change can also be made at the same time.

Yes, an account owner may have multiple portfolios for the same student and each portfolio is a separate account. The account owner may not have two of the same portfolios for the same student. For instance, an account owner could not have two 2039 portfolios for the same student but could have a 2039 portfolio and an ESG Core Equity portfolio for that same student.

The only insured portfolio is the FDIC-Insured Portfolio and this portfolio is insured by the Federal Deposit Insurance Corporation (FDIC) to the fullest extent permitted by law. All other Invest529 portfolios are subject to market risk including loss of principal.

You may choose any of the Invest529 portfolios, however it's important to keep in mind the shorter the time horizon when the money will be needed for private, public, or religious K-12 schools when choosing a portfolio. There are Invest529 portfolios that have conservative and stable investment strategies as well as more aggressive options, but it is ultimately up to you to choose the portfolio that best meets your risk tolerance and time horizon.

Target Enrollment portfolios are designed for college savers. You pick the date your student will be graduating from high school and over time the investments go from more aggressive to more stable. 

For more information about Target Date Portfolios, view the blog article: Three Things to Know About: Target Enrollment Portfolios.

Contributions may be made online at or by check, electronic bank transfer or direct deposit (please consult your employer regarding direct deposit policies).

First, get to know Invest529 and your portfolio options by reading the Program Description. Once you’re ready, click on Open an Account at 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

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 or an educational financial aid advisor.

Yes. Accounts can be closed at any time. Keep in mind that earnings that are not used for qualified higher education expenses are subject to a 10 percent federal tax penalty (with certain exceptions for death, disability and scholarships), plus federal and state income taxes on the earnings reportable on the taxpayer’s return, and the recapture of any Virginia tax deduction previously taken on the amount of the cancellation or refund.

Generally, you have at least 30 years to use your Invest529 or CollegeAmerica account based on either the student’s projected high school graduation date or, if opened after the student’s high school graduation, when the account was opened. For Prepaid529 or Invest529 Tuition Track Portfolio accounts, you have 10 years after the student’s projected high school graduation year to use the account. Virginia529, in its sole discretion, may grant extensions of time in which to use a Virginia529 account. Please see the applicable Program Description for more information.

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 student’s family without penalty. Penalties may apply if transferred to an individual who is not a member of the current student’s family. Please read the applicable Program Descriptions and consult your tax adviser for more information.

Yes! Anyone may contribute to your Virginia529 account, but only account owners may take the Virginia state income tax deduction for contributions.

Accounts may grow tax-deferred and are tax-free of federal and Virginia taxes when withdrawals are used for Qualified Higher Education Expenses and at eligible institutions. Virginia taxpayers who are Virginia529 account owners can deduct their contributions up to $4,000 per account, per year, with unlimited carry forward to future tax years.

No state residency restrictions exist for Invest529 or CollegeAmerica. 

No. All Virginia529 accounts, including Prepaid529, can be used at any eligible educational institution around the country or the world, public or private! Remember, Prepaid529 contract benefits differ depending on how and where they are used. Please see the applicable Program Description for more information.

Yes. Many families choose to enroll in multiple Virginia529 programs. Account values across all programs may not exceed $550,000 per student.

Yes. Most technical and graduate schools are eligible educational institutions. Check the eligibility of a specific school online at or contact the school directly. Remember, Prepaid529 contract benefits differ depending on how and where they are used. Please see the applicable Program Description for more information.

Account owners must be 18 years of age or older and a U.S. citizen or legal U.S. resident to open an account, while the beneficiary (student) must be a U.S. citizen or legal U.S. resident to be named to an account. The account owner may also be a U.S. trust, corporation, partnership, nonprofit organization, custodian, guardian or other entity. Only the Tuition Track Portfolio requires the account owner or the student to be a Virginia resident at the time the account is opened.