School payments with peace of mind

Even at the postsecondary level, the phrase “back to school” conjures a seemingly never-ending to-do list.

However, one task just got easier.

my529 is introducing a secure, electronic payment service that allows account owners to send an expedited withdrawal to higher education institutions. The convenient, trackable service will be available in late October. 

Use the new service to pay expenses like tuition, fees, room and board. The funds arrive at the school within approximately two to three business days.

Expedited service fee

Sending funds via the new service costs $3.50 per transaction, a fee that will be added to the withdrawal amount.

Monitor your payment

The electronic payment removes the worry of wondering when funds will post at your beneficiary’s school. Account owners can monitor the payment status within their my529 account.  

Which schools accept electronic payments?

Higher education institutions that participate in the network may receive electronic payments.
At press time, the service connects with more than 600 schools.

Most of the schools where my529 has previously sent checks can receive electronic payments. If your school participates, you will be able to select it within the search feature.

K-12 schools are not eligible.  

Using the electronic payment service

When making a withdrawal in your online account, choose “Higher Education” as the type of withdrawal. Then follow the prompts to select the school where you would like to send your electronic payment.

The electronic payment removes the worry of wondering when funds will post at your beneficiary’s school. Account owners can monitor the payment status within their my529 account.  

You can still send a check

If you would like to send a payment to the school at no charge, you can opt to send a check. Plan for at least two to three weeks to allow time for mailing and processing by the institution.

The electronic payment removes the worry of wondering when funds will post at your beneficiary’s school. Account owners can monitor the payment status within their my529 account.