Prepaid Educational Savings Plans and Trusts (529, QTP)

Source: https://fas.ucsd.edu/types/other-funding-sources/prepaid-educational-savings-plans-and-trusts.html Parent: https://fas.ucsd.edu/types/other-funding-sources/index.html

How it Works

Prepaid educational savings plans, are dedicated savings plans set up under Section 529 of the Internal Revenue Code. The funds are set aside for future college costs, and are operated by individual states or educational institutions.

An adult sets up and manages an educational trust account for a student's benefit. The account assets can become the student beneficiary's sole property at age 18 or 21. The assets are considered in the calculation of your family's financial need.

Using Educational Funds from Trusts and Prepaid Savings Plans

• Funds from an educational trust or a prepaid educational savings plan is considered cash from the family, not a scholarship.
• UC San Diego does not send separate student bills to trusts or prepaid plan agencies. You must provide the agency with a copy of your bill

OR

You can sign up the trust or plan agency as an authorized payer so your bills can be paid online. - If the agency pays by check, have checks sent directly to the UC San Diego Cashier's Office. See Ways to Pay Your Bill for details on how and where to send checks. - UC San Diego must receive trust or prepaid savings plan payments by UC San Diego's billing payment deadline to avoid late fees and/ or cancellation of classes.

Learn More

• Golden State ScholarShare (California's Section 529 plan)
• Smart Saving for College
• The Smart Student's Guide to Financial Aid

Other Funding Sources

• Alan Pattee Scholarship Act
• Children of Fallen Heroes
• College Corps at UC San Diego
• Iraq and Afghanistan Service Grant
• Prepaid Educational Savings Plans and Trusts (529, QTP)
• Tuition Benefit Plans
• Vocational Rehabilitation Funds