Educational Savings Accounts
It is important to note that overpayment of the U-Bill is discouraged. In the event that a student has an Educational Savings Account Invoice Request form on file and is not registered for courses, Accounts Receivable will not invoice an Educational Savings Account / 529 Plan. Additionally, any overpayment of the U-Bill by an Educational Savings Account / 529 Plan may be placed under review before a refund will be processed. Please reach out to your Plan Administrator for all of the available withdrawal options before authorizing payment directly to Iowa State University
Educational Savings Account/529 Plan payments. Payments should be accompanied by the student name and university ID number. Please mail payments using the following remit address:ISU Treasurer's Office1220 Beardshear Hall515 Morrill RdAmes, IA 50011-2103
To begin using your Educational Savings Account:
- Contact the Educational Savings Account Plan Administrator and let them know that your student is attending Iowa State University.
- Inquire from the Educational Savings Account Plan Administrator if they need an invoice sent directly from Iowa State University on your student’s behalf.
- If the plan DOES NOT require an invoice directly from the University, you will need to work with the Plan Administrator on how to request the withdrawal of funds.
- If the plan states that they DO REQUIRE an invoice directly from the University, please complete the Educational Savings Account Form and submit it either by email to firstname.lastname@example.org or fax to 515-294-3196.
Frequently asked questions about Iowa State University and Educational Savings Account/529 Plan payments:
How will Iowa State University invoice my Educational Savings Account/529 Plan?
Students who are enrolled in 12 or more credit hours for undergraduate studies and 9 or more credit hours for graduate studies are assessed a full time tuition rate. When invoicing to an Educational Savings Account/529 Plan, Iowa State University may invoice up to the total number of credit hours the student is registered for in that particular semester. The number of credit hours that we invoice for should be indicated on the Educational Savings Account Form prior to the beginning of each semester
When will the invoice for each semester be sent to my Plan?
After the Educational Savings Account Invoice Request form is received in the Accounts Receivable Office, an invoice will be created and sent to the appropriate Educational Savings Account after the official census (10th day of class) for that specific semester
Will my account be assessed late fees while waiting for payment from my Plan?
If the Educational Savings Account/529 Plan requires an invoice directly from the university and the invoice request form has been received in the Accounts Receivable Office; a 1-month extension will be granted to the student’s U-Bill while awaiting the funds from the Educational Savings Account/529 Plan
When do I need to pay the balance that won’t be covered by my Plan payment?
If the U-Bill balance is not covered by the Educational Savings Account payment, it is the student’s responsibility to pay the remaining balance in accordance with the U-Bill’s due dates
What if I decide I no longer need an invoice sent to my Plan Administrator?
If for some reason you have already requested that an invoice be created for the semester and the student has decided not to attend the University or reduces the amount of credits they are taking, please contact Holly Hohanshelt at 515-294-4786 or email@example.com as soon as possible
How often do I need to submit the Educational Savings Account Form?
The form is only valid for one academic year. Each academic year begins with the fall semester
Who should I ask if I have questions about what expenses are considered qualified for tax purposes?
Iowa State University reports general tuition, the standard technology fee and University Book Store charges applied to the U-Bill in box 2 of the 1098T. For other tax related questions, please consult your Plan Administrator and/or tax preparer if you have questions about what expenses are considered qualified education expenses
For more information contact Holly Hohanshelt in the Accounts Receivable Office at (515) 294-4786 or firstname.lastname@example.org