You’ve been saving with Ohio 529 CollegeAdvantage to help pay for your children’s and grandchildren’s education after high school. Now it’s finally time to use those savings. As you prepare for your first withdrawal for their qualified high education expenses, here are a few simple steps you can take this summer to make sure everything goes smoothly when the bills arrive.
These tips will help you get your CollegeAdvantage Direct 529 Plan account* ready and make the withdrawal process easier.
Two-factor authentication
Two-factor authentication must be set up to access your CollegeAdvantage Direct 529 Plan.
First, log in as usual to your Ohio 529 Plan account with your username and password from a secure device. Your phone number must be current in your online profile. Your PIN (Personal Identification Number) will be sent by call or text. Once you have the PIN, you will need to log in again within five minutes. If you miss that period, you’ll need to request a new PIN.
If your phone number is not up to date, please call the Customer Service Department at 1-800-AFFORD-IT (1-800-233-6734) from 8:30 a.m. – 6 p.m. ET Monday-Friday.
Update banking information
While you’re logged in, confirm that your home address and bank account information are correct. If it’s not, update that information now. For security reasons, this information must be on file with Ohio 529 CollegeAdvantage for 15 calendar days before a withdrawal can be processed. To update your records online, select your beneficiary’s account. Then look on the left side of the screen, choose “View Profile and Documents.” Edit your address in “Profile” or update your bank details in “Bank Information.”
How to make an online withdrawal
Once you receive the bill for the qualified higher education expenses—whether from a four-year college or university, community college, trade and vocational school, certificate or credential programs, and apprenticeship verified by the U.S. Department of Labor—you will be ready to request a tax-free withdrawal.
The fastest method is to make the withdraw online or through the ReadySave 529 app. First log into your account. Next, choose the beneficiary’s account. Then, scroll to “Make a withdrawal.” After that, follow the prompts to make a withdrawal. Withdrawals requested before 4 p.m. ET Monday-Friday will be processed in three to five business days.
You can send the funds:
• Directly to the school
• To your bank account (electronic deposit or mailed check)
• To the beneficiary’s bank account (electronic deposit or mailed check)
If the withdrawal will be deposited into a bank account, allow time for the bank to post the deposit. After the funds arrive, use the school’s online portal to make the payment. You will need your student’s ID number. Processing times will vary; check with the school bursar’s office to confirm deadlines.
Withdrawals being requested from the ReadySave 529 app can only be sent via ACH. If you need to have the withdrawal sent by check, this can only be completed via the online secure website after you log in to your Ohio 529 account or by paper form.
If you’ve chosen to send the check directly to the school, please provide Ohio 529 with the correct student ID number and the correct school address on the online withdrawal form. Ohio 529 does not provide school addresses.
How to make a paper-form withdrawal
A paper withdrawal form is the slowest option. You will need to print, fill out, and mail in the Withdrawal Request Form to the address found on the top of the first page of the form.
You can request:
• A check sent directly to the school (you will need complete Section 3C on the form)
• A check mailed to you
• An electronic deposit into your or the beneficiary’s bank account
If you send the withdrawn funds to a bank account, you will then need to pay the school through its online portal or by mailing the check to it. Because this is the slowest payment method, start early and confirm timing with the bursar office.
Keep withdrawals and expenses in same calendar year
No matter which method you choose to make the withdrawal—whether online or by paper—be sure the withdrawal funds are used to pay for the qualified higher education expenses in the same calendar year as the withdrawal is made. As the account owner, you are responsible for maintaining the records that show that your Ohio Direct 529 Plan withdrawals are used for qualified costs by the IRS.
Making new 529 contributions before a withdrawal
If you want to add more money to your Ohio 529 Direct account to pay for these upcoming qualified expenses, these new contributions must be in your account at least seven business days before those funds can be distributed and the withdrawal processed. This information is covered in the Withdrawals section starting of the CollegeAdvantage Direct 529 Savings Plan Offering Statement and Participation Agreement.
Preparing your Ohio 529 account now will make paying for college and career training expenses simpler this fall. If you have any further questions, our Customer Service Department is available to help from 8:30 a.m. – 6 p.m. ET Monday-Friday at 1-800-AFFORD-IT (1-800-233-6734). Manage your Ohio 529 Plan account at CollegeAdvantage.com.
*Please note that this is the withdrawal process for CollegeAdvantage Direct 529 plan accounts only. The withdrawal process is different for the CollegeAdvantage Guaranteed 529 Plan.
This article was originally posted in July 2022 and has been updated to reflect new information for 2026.
