Online withdrawal process to pay directly to school, or to Account Owner or Beneficiary

You now have the option of giving us withdrawal instructions online to withdraw funds from your CollegeAdvantage account. If the Beneficiary is enrolled at a college or university, you can automatically have the amount requested sent to the school. To initiate the transaction, you will need to know the name of the school, the academic year and term (i.e., Fall 2010-2011), and the amount you wish to withdraw from your CollegeAdvantage account.

You can also request that funds be withdrawn and paid directly to the Account Owner or Beneficiary.

Once you are logged in, you will be in the My Account section of the site. Choose “Withdraw Funds” from the list of account actions available. You will be guided through the process by a series of prompts. Please note, the Beneficiary must already be enrolled at a college or university in order to pay the college directly. If the Beneficiary is not listed on the school’s roster at the time payment is submitted by CollegeAdvantage, the school will not accept payment, and will return the funds to CollegeAdvantage.

Using the Withdrawal Request Form to request withdrawals
If you prefer, or in the unlikely event that limitations exist which prevent you from using the online feature (see below), you can still complete a Withdrawal Request Form each time funds are needed. Withdrawal Request Forms can be found in the Forms section. The codes for all available CollegeAdvantage investment options, which are required for completing this form, can be found here.

Restrictions for online withdrawal payment to Account Owner or Beneficiary:
Online withdrawals payable to the Account Owner or Beneficiary are not available in the following circumstances:
•Account owner’s address has been changed in the last 15 days.
•Account is a Trust account or Guaranteed Savings Fund account opened in 1996 or earlier, where the Beneficiary retains control over the account at age 18.
•Account was funded with UTMA/UGMA funds. 

In these cases, please complete a Withdrawal Request Form.

Withdrawals available at any time
Withdrawals from your CollegeAdvantage account are available at any time.

NOTE: Funds invested in a Fifth Third Bank option CANNOT be withdrawn from a Fifth Third bank branch. If you have a Fifth Third Bank option and are planning to make a withdrawal from the option, please call to make sure we have an Account Owner Identity Verification Form on file for the account. Account Owner Identity Forms can be found in the Forms section. Even though you may have provided this information in the past, federal banking regulations require us to have the written signature of the Account Owner on file verifying identity information to process withdrawals.

Taxation
Withdrawals from the account have different tax consequences depending on how the distribution is used. Please see the current Offering Statement and Participation Agreement booklet or our Taxation section for more information. You may wish to consult a tax advisor prior to requesting a withdrawal.

Distribution recipient
The funds withdrawn may be sent to:

• The educational institution in which the beneficiary is currently enrolled. (Available online)
• The Account Owner at his or her address of record. (Available online)
• The Beneficiary at the Account Owners address of record. (Available online)
• A different address than that on file for the Account Owner. Only paper form can be used. (Signature Guarantee* required on form).
• A different Section 529 Qualified Tuition Program. Only paper form can be used. (Signature Guarantee* required on form).

*A signature guarantee, also called a medallion signature guarantee, is a stamped or typed assurance by a financial institution that indicates a signature is valid.

Distribution method
Funds withdrawn may be sent via check or via Electronic Funds Transfer (EFT).

EFT - Funds sent via EFT can be paid to the Account Owner or Beneficiary's bank account. Distributions are usually received 3-5 business days after the receipt of withdrawal instructions. Funds can also be sent directly to the educational institution in which the beneficiary is currently enrolled, if the institution accepts EFT payments from our office. Most major colleges do accept EFT payments from CollegeAdvantage.

Check - Funds sent via check can be mailed to the Account Owner or Beneficiary, at the Account Owner's address of record. Funds can also be mailed to another 529 plan, or a different address than that on record for the Account Owner, using the paper form with a signature guarantee on the form. Please allow adequate time for check payment (7-10 business days after receipt of withdrawal instructions) due to extended processing requirements. Funds can also be sent directly to the educational institution in which the beneficiary is currently enrolled. If the institution does not accept EFT payments from our office, a check for the amount of the withdrawal requested will be sent to the school.