529 and Third Party
A 529 Plan is an education savings plan operated by a state or educational institution designed to help families set aside funds for future college costs. If your family has set up a 529 plan for you, the following information will help you get your funds sent to the University to be used toward your student account.
When using 529 tuition plan funds it is important to understand your plan coverage and how it is paid:
Step 1: Contact Your Provider
If your provider allows you to draw funds directly from your plan, you do not need to notify the Bursar’s Office about these funds. You can then make the payment directly to the Bursar’s Office via any of our accepted methods of payment.
If your provider requires Loyola to send a bill, notify them the student is attending Loyola University Chicago. Your provider must then send notification to Loyola to the following address, including the student’s name and plan information, in order for the University to bill the 529 provider:
Office of the Bursar
Loyola University Chicago
1032 W. Sheridan Road
Sullivan Center, Suite 190
Chicago, IL 60660
Step 2: Determine Your Remaining Balance
Questions to ask regarding your plan coverage:
- Is there a flat rate per credit hour that is paid?
- Does the plan apply to just tuition or both tuition and fees?
Since most plans are based on the student’s semester credit hours, 529 providers ask that Loyola not bill them until after add/drop period, which in Loyola’s case is after the first two weeks of class.
Since tuition is due prior to the start of the term, to calculate your remaining balance and out-of-pocket contribution (if any) use:
Total cost for the term (tuition, fees, housing, etc.)
– Financial aid
– 529 contribution
= Amount due on tuition due dates
Step 3: Billing/Payment
As previously stated, Loyola will bill the provider according to the plan type after Add/Drop period during the first two weeks of the semester. The provider will then send the payment directly to Loyola to then be applied to the student’s account.
Sponsored students receive tuition assistance through a third party. This is an outside source that agrees to pay the University for all or part of a student's financial account charges. Some sponsors also cover mandatory fees. The sponsor agrees to be billed directly with payment due upon receipt of invoice.
Examples of Sponsors:
- United States Government Agencies
- State Departments of Vocational Rehabilitation
- International Embassies
- International Universities
- Approved Employers
Required Documentation (Per Term):
- Employer Authorization Letter or
- Embassy Letters of Financial Responsibility or
- Tuition Voucher from Respective Sponsor or
- Tuition Assistance Application from Respective Sponsor
Documentation Must Include:
- Student's name, Social Security Number, or Loyola ID number
- Term information and authorized charges to be billed
- Applicable contact person
- Sponsor billing address