A 529 plan is a tax-advantaged savings plan to set aside funds toward future college expenses. The name comes from Section 529 of the Internal Revenue Code. Two types of 529 plans are available, prepaid plans that require direct invoicing from the university and college savings plans.
College Savings Plans
- College savings plans generally allow you to access your funds as needed. Contact your plan administrator for instructions on accessing the funds in your plan. Checks should follow the pay-by-mail instructions.
- Prepaid plans generally pay a specific amount per unit of enrollment, and may also pay a portion of your student housing.
- You must notify us prior to the settlement deadline each term of your enrolled units so we can defer the appropriate portion of your bill.
- USC currently bills the following agencies for prepaid tuition 529 plans:
- Alabama PACT
- College Illinois!
- CollegeSavingsMPACT Mississippi
- Florida Prepaid College Program
- Kentucky’s Affordable Prepaid Tuition
- MET Michigan Education Trust
- Nevada Prepaid Tuition Program
- Texas Guaranteed Tuition Plan
- Virginia College Savings Plan
- If your plan requires direct invoicing from the university, contact Agency Billing at:
Regardless of the type of 529 plan, any charges not paid by the plan are the student’s responsibility and must be paid by the settlement deadline.