Frequently Asked Questions Select a Category: Make A Selection General Prepaid Withdrawals Tax Ownership Investment Choosing a Plan Beneficiaries Coverdell Show All Withdrawals 1. How do I withdraw monies in payment for college?       Each plan will have a specific procedure for withdrawing funds to pay qualified educational expenses. Some plans may require the program administrator to make payment directly to the college or university after receiving a bill or statement of expenses. Other plans may allow reimbursement for qualified out-of-pocket expenses, such as books, equipment, etc., with sufficient documentation. The program administrator will provide specific details on withdrawal procedures.   2. May the 529 funds be used to purchase a computer? 3. What if my grandchild is awarded a scholarship and doesn't need the money that I have put in the 529 account? 4. What happens to the balance if my child graduates from college and has money left over in his/her 529 account? 5. Is there a minimum time period during which the account must be held before monies can be withdrawn? Still Need Help? Ask An Expert Do you want guidance in selecting a 529 plan?  Click the Contact Us button below and speak to a live advisor, or drop us an email and we will be pleased to assist you. If you are a do-it-yourself person, click the Professor for his assistance in sorting and ranking plans or click on the National Map to locate a specific state's 529 program.
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