FREQUENTLY ASKED QUESTIONS

● What is a 529 account?

A 529 plan is a tax-advantaged savings plan designed to encourage saving for future college costs. Legally known as “qualified tuition plans,” 529s are sponsored by states, state agencies, or educational institutions and authorized by Section 529 of the Internal Revenue Code. CollegeChoice 529 is Indiana’s plan.

● If I sign up, who has access to the personal information I provide?

Ascensus College Savings (CollegeChoice 529’s Program Manager) is required to treat all Account Owner and Beneficiary information confidentially. Ascensus College Savings is prohibited from using or disclosing such information, except as may be necessary to perform its obligations under the terms of its contract with the Indiana Education Savings Authority and CollegeChoice Program.

● Can a CollegeChoice 529 account only be used in Indiana?

You can use 529 funds at any eligible school around the country and abroad—not just in Indiana—including 2-and 4-year colleges, graduate schools (including law and medical), vocational/technical schools, and some certification programs.

● If I move out of Indiana, does my child keep the CollegeChoice 529 account?

You continue to own your 529 account even if you relocate outside of Indiana. However, if you relocate you will not be eligible for matching gifts in future years.

● I have a child in kindergarten; will he/she receive matching gifts next year too?

We intend to provide matching gifts in K-2, however, we cannot guarantee this.

● Can I make contributions to my child’s CollegeChoice 529 at other times? Can friends and family also continue to make gifts to my child’s account?

You can contribute to your 529 account anytime at www.collegechoicedirect.com, and friends and family can make a gift at any time by using your unique Ugift code, which you can provide to them. Login to your account or visit Ugift529.com to learn more.

● What if my child decides not to go to college?

You, as the account owner can change the beneficiary to another eligible “member of the family” (as per plan rules) with no tax penalty. The $25 enrollment incentive and any contributions you make to the account remain yours. However, any community matching gifts are forfeited if the beneficiary is changed.

● Does a champion have to make a financial gift?

A champion can help two ways: 1) by giving to a child’s CollegeChoice 529 account and/or 2) providing written or verbal encouragement and support for his/her dreams.