Íæż½ã½ã

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529 and Third Party

529 Tuition Plans

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. If your family has set up a 529 plan for you, the following information will help you get your funds sent to the University to be used toward your student account.

When using 529 tuition plan funds to pay your Íæż½ã½ã Chicago balance it is important to understand your plan coverage and the options available for how withdrawals made.

Step 1: Contact Your Provider

To Make A Payment from a 529 Plan Provider, check with them for your payment options.  Every plan will have their own types of payment options.

Many require that a check be issued in order to send your withdrawal directly to Íæż½ã½ã Chicago.  See the section "Mailed Payments" for further instructions and preferred address when this option is chosen.

Keep in mind:   Paying by check can take up to 14-21 days to be posted to your student account.

Your 529 Plan Provider may also give you a choice for a digital distribution option (electronic ACH).  PLEASE NOTE: Many (but not all) 529 College Savings Plans (like the Illinois BrightStart Program) could have an option for an electronic ACH.  When requesting a withdrawal distribution from your plan, check with your Plan Administrator first to see if a digital distribution option is available. 

If, on the other hand,  your provider requires Íæż½ã½ã to send an invoice to them, notify them the student is attending Íæż½ã½ã Chicago. Your provider must then send notification to Íæż½ã½ã to the following address, including the student’s name and plan information, in order for the University to bill the 529 provider:

Office of the Bursar
Íæż½ã½ã Chicago
1032 W. Sheridan Road
Sullivan Center, Suite 190
Chicago, IL 60660

  

Step 2: Determine Your Remaining Balance

Questions to ask regarding your plan coverage:

  1. Is there a flat rate per credit hour that is paid?
  2. Does the plan apply to just tuition or both tuition and fees?

Since most plans are based on the student’s semester credit hours, 529 providers ask that Íæż½ã½ã not bill them until after add/drop period, which in Íæż½ã½ã’s case is after the first two weeks of class.

Since tuition is due prior to the start of the term, to calculate your remaining balance and out-of-pocket contribution (if any) use:

Total cost for the term (tuition, fees, housing, etc.)
– Financial aid
– 5