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 americanfunds.com.
Like any non-retirement investment or savings, 529 accounts may affect eligibility for need-based financial aid – however, the impact is minimal. For accounts owned by parents and dependent students, the Free Application for Federal Student Aid (FAFSA) assesses 529 assets at about 5.64 percent of the value when calculating the Student Aid Index (SAI) 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.
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.