College Savings (529) & State Tuition Pre-Paid Plans
COLLEGE SAVINGS 529 Plan
Many students across the country use the 529 College Savings Plan to pay for college and it works out to be a benefit to them. The specific requirements for establishing, enrolling in or withdrawing from a Plan will vary by state; please check with your state or visit Saving For College for links to information for all the state Plans. Students and/or parents should contact their 529 plan administrator directly and follow their process to make a withdrawal at least two weeks prior to the due date as it can take up to 14 days for the 529 plan to process the request.
To ensure that the funds are directed to the correct student account, all 529 College Payment Plan should ensure that you include your CWID Student ID, FULL NAME and if mailing a check, please mail to The Citadel Attn: Student Business Services 171 Moultrie Road Charleston, SC 29409.
Please note that Form 1098-T, Tuition Statements, should not be used to validate Form 1099-Q, Payments from Qualified Education Programs, received from a 529 plan provider. Withdrawals from a 529 plan can be used to pay for expenses, such as room and board, however, per IRS rules payments received for these charges cannot be reported in Box 1 of a 1098-T. Statements of account are typically sufficient to show that 529 withdrawals were used for educational expenses. Students who participate in a state’s prepaid plan should notify the Student Business Service office via email at SBSTUITION@Citadel.edu.
Students or parents should be prepared to provide the following information:
- Plan name
- Plan’s mailing address/contact information (so The Citadel can invoice the plan)
- Plan type: Tuition or Tuition + Dormitory
- State the plan is associated with
- Student’s full name
- Contract number (if available)
Prepaid plans will not allow invoicing until the Drop/Add period has occurred. After Drop/Add, we will verify the number of hours of enrollment for the semester and invoice state prepaid plans.
When PREPAID PLAN FUND payment is received, we will post this payment to your student account. PREPAID PLAN payments is usually received 3-4 weeks after invoicing. Any remaining student account balance is the responsibility of the student.