A tax-advantaged 529 savings plan is designed to encourage saving and paying for 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 to the University directly from the 529 plan via wire transfer
Some 529 plans allow you to send a wire payment to the University directly. We recommend this option if it is available to you. Follow the instructions available from your plan to send the payment. Make sure to:
- Select the correct University of Minnesota campus to send the funds to
- Send no more than is due on your account
- Include the student’s name and student ID number
- Double-check that the student ID is entered correctly
Funds sent from 529 plans to you
Most 529 plans allow for funds to be sent to the plan owner or you, who can then make a payment to the student account directly.
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 via check (not recommended)
This option should only be used if your plan has a requirement that funds are sent directly to the University via check (this is rare). Please note that this method can take several weeks for funds to be posted to your student account.
If your plan has this requirement, 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 of Minnesota (not the beneficiary or plan owner)
- Include your student ID number
- Send no more than is due on your account
- Mail the payment to:
University of Minnesota
211 Bruininks Hall
222 Pleasant St. SE
Minneapolis, MN 55455-0239
Invoicing the plan directly
If your plan administrator requires invoicing, please see the information on Third-Party Billing.
Questions
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.
If you have questions about how to submit your 529 plan payment to your account at the University, contact One Stop Student Services.