Instant Message a
Send an
Find an
Do I have to use the money at a state school?
No, you can use your 529 Plan account assets at virtually all accredited colleges and universities in the United States and eligible foreign institutions.
TopWhat expenses can I use the money for?
Money in the 529 Plan account can be used for qualified higher education expenses which include tuition, books, room and board, etc. Download or request an Enrollment Kit for more information.
TopHow and when can I take distributions from the account?
You can always withdraw money out of your 529 account if need be. However, distributions for non-qualified expenses may incur federal income tax and a 10% federal penalty tax. Qualified distributions include money for tuition, books, room and board, etc. You may NOT take loans against your 529 account.
When you want to withdraw money (take a distribution) from your account, simply fill out the College Investing Plan Distribution form (PDF). You tell us whether to send the money to you, to your child's college or to another person.
Fidelity recommends that you retain records of payments for qualified higher education expenses in order to prepare your income tax returns.
TopWhat if my child earns a scholarship?
You can withdraw the amount of the scholarship award from your 529 Plan, without penalty; however, other taxes may still apply.
TopWill investing in a 529 Plan affect eligibility for financial aid?
529 assets may have a relatively small affect on Federal financial aid eligibility because they are considered assets of the parent (Participant) in the Expected Family Contribution calculator ("EFC"). Conversely, accounts that are considered assets of the child (Beneficiary), such as a UGMA/UTMA account, tend to have a greater affect on Federal financial aid eligibility in the EFC calculation. See Financial Aid for more information.
TopPDFs require Adobe® Reader®
