College Savings (529) & State Prepaid Tuition Plans
College Savings (529) & State Tuition Pre-Paid Plans
Many students across the country use the college savings plan, also known as 529 Pre-Paid Plans, 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 plan payments should include the student’s full name and CWID (Citadel Student ID Number)
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 Treasurer’s Office via email at TRSR@Citadel.edu.
Students or parents should be prepared to provide the following information:
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 payment is received, it will be credited to the student account. Payment is usually received 3-4 weeks after invoicing. Any remaining balance is the responsibility of the student.