I’m interested in hearing from those who are using these, especially details on the actual transactions with a college. With Private 529 you purchase increments of a school year for use on tuition and fees at participating private colleges (about 300). We’ve purchased about two year’s worth.
So say the tuition is $60k for the year and the school provides $25k in merit and you also owe $15,000 for room and board. How are the calculations and payments made?
I would think that getting the information you seek before buying into the plan would be the preferred order of doing things.
Have you looked at the plan’s website? It seems pretty simple and the website provides clear explanations.
Anything you can’t find on the website, I bet a plan rep would be able to help you on the phone or through email.
Lol. I do understood the plan, very well, but was hoping someone who had gone through a transaction could walk me through it. Also, was Private 529 easy to work with, etc.
It’s not that hard. You contact them. That’s the hardest part.
They will “walk you through” the questions- either online or by phone.
Your 529 is specific to you and your situation; YOU need to contact them.
We used it but only for tuition. Our school did not offer merit money so I don’t know how it would be applied. Perhaps the plans are different, but I don’t think our plan could be applied to room and board,
That’s right, tuition only. How did they work the calculation on what you owed the school versus your certificate value?
It can be complicated, as you know, because you purchase in increments ( at least we did). So did you simply say, we need to pay x amount this year and Private 529 determined the percentage of the certificate needed?
We had two semesters to cover senior year. Each certificate value was worth one semester’s tuition. I don’t remember any other calculations.