Submitting payment from a 529 plan
A 529 plan is a tax-advantaged savings plan designed to encourage saving for future college costs. How plans are structured and how to access funds from the plan varies by state, plan administrator, and the plan itself.
Funds sent from 529 plan to you (recommended)
Most 529 plans do not require plan payments be sent directly to the University. The payment can instead be sent to the plan owner or you, who can then make a payment to the student account directly. We recommend this option if it is available to you.
If your plan wants verification of your charges, you can provide a PDF copy of your billing statement.
Funds sent to the University directly from the 529 plan
If your plan requires that funds are sent directly to the University, you will need to start the process in time for the funds to reach your account. Instruct your plan to:
- Make the check payable to the University (and not the beneficiary or plan owner)
- Include your student ID number
- Send no more than is due on your account (the University does not accept payments in excess of what is owed)
- Mail the payment to
University of Minnesota
211 Bruininks Hall
222 Pleasant St. SE
Minneapolis, MN 55455-0239
If your plan sends the payment to a University address other than the one above and it is for more than the amount you owe, it may be rejected as an inappropriate payment.
If that happens:
- You will be notifiied that the payment was rejected and will be provided instructions on the next steps
- You (or the family member who owns the plan) will need to contact the plan administrator so they can notify their bank that the payment was inappropriate/misapplied.
- The bank's adjustment department can then request the money be returned from the University's bank.
- The plan will have the money deposited back. This can take three weeks to three months for the banks to complete.
If you have questions about what qualifies as legitimate expenses for 529 funds, tax implications, options for accessing your funds, or general questions about 529 plans, contact your plan administrator.
Billing & Payment
|Mon, Dec 7, 2020||Fourth billing statement for fall available (new charges and past-due balances only, due date: 12/20/20)|
|Sun, Dec 20, 2020||Fall payment due in full (for new charges and/or past due balances)|
|Thu, Dec 24, 2020||Fifth billing statement for fall available (new charges and past-due balances only, due date: 1/6/21)|