Invest529 for Virginia
Providing a flexible, affordable and tax-advantaged way to save for future education expenses.
A 529 savings plan is a type of investment account that can be used for education savings. These accounts can be opened by almost anyone, there are no income limits, and anyone can contribute. A 529 account works much like a Roth IRA by investing your after-tax contributions into investment portfolios like a mutual fund.
529s are highly flexible, allowing you to use your savings at in-state, out-of-state, public or private schools. This includes community colleges, trade schools, graduate programs and some international schools.
Options from Invest529 in Virginia
Option 1: Prepaid529 (in-state tuition and mandatory fees only)
- Submit a Withdrawal Request online by visiting invest529.com. This only needs to be submitted once when the student first enrolls. VMI is paid automatically each fall and spring semester until Prepaid529 benefits are exhausted or otherwise requested by the account owner.
- A list of participants in the Prepaid529 plan is sent to VMI prior to the start of classes for fall and spring semesters.
- A pending credit will be placed on your student’s account until payment is received. (Students wanting to use Prepaid529 benefits for summer or winter term classes should contact Commonwealth Savers at 1-888-567-0540 to discuss payment options).
- Prepaid529 benefits will be paid directly to VMI each semester after the add/drop period. Generally, payment is made within 30 days upon receipt of an invoice. Do not pay VMI the amount of tuition and mandatory fees covered by your Prepaid529 account.
Prepaid529 will pay for tuition and mandatory fees for normal full-time course load (12 – 18 credit hours) in a general course of study at Virginia public two or four-year schools. Benefits used for less than a full-time course load (including winter or summer semesters) are prorated. Additional charges for a specific major, class, program or course of study (e.g., engineering, nursing), often referred to as “Differential Tuition,” are not covered by Prepaid529. Please see the Prepaid529 Program Description and Master Agreement for more details about Prepaid529 benefits.
The payout on any Prepaid529 contract cannot be less than the total payments made plus the Prepaid529 reasonable rate of return; this value is known as the minimum benefit. Account owners will be notified of minimum benefit payouts for eligible accounts. The student is responsible for notifying VMI regarding how to apply the excess funds.
Contact Commonwealth Savers Customer Service for questions regarding benefits use.
Option 2: Invest529 Portfolios
- Submit a Withdrawal Request to Invest529 either online or by mail at least ten (10) days prior to payment deadline.
- Indicate the amount you are requesting to be paid to VMI.
- The Student Identification Number requested on the Withdrawal Request is the student’s VMI ID number.
- VMI does not receive notice of pending distributions prior to receipt of distributed funds.