A 529 Plan is an education savings plan operated by a state or educational institution designed to help families set aside funds for future college costs. Many students across the country use the college savings plan as a way to pay for college and it works out to be a benefit to them. The specific requirements for establishing, enrolling in or withdrawing from a Plan will vary by state; please check with your state or visit www.savingforcollege.com for links to information for all the state Plans. If you are a New York State resident and would like information regarding New York State’s 529 College Savings Program, please visit www.nysaves.org.
Plans and payout rates vary by state. Once The King’s College receives notification from your plan administrator, we work with families to process these benefits and apply them to the student accounts in a timely manner, as well as ensure your 529 plan is billed appropriately. Plan participants are asked to contact their respective Plan to initiate the payment process. Because enrollment verification is required in most cases, Plans which require this information will be provided a copy of the student’s statement.
For questions and answers from the Internal Revenue Service on 529 Plans, please visit the IRS website at http://www.irs.gov/uac/529-Plans:-Questions-and-Answers.