How and When Will I Receive My Money?
529 plan payments first apply to tuition charges, unless otherwise indicated. Complete the 529 Fund Allocation Form to ensure that your funds are applied correctly. It is your responsibility to make sure funds are applied to the correct charges. After funds are applied, you have 2 weeks to request any changes through YMessage.
Basic timeline for receiving funds:
- Complete the 529 Fund Allocation Form the same day the funds are requested to be sent to BYU. The funds will automatically apply to the current semester’s tuition if the 529 form is not completed within one week of BYU receiving funds. You must log in with your Net ID and password to complete the form. Your parent cannot log in with their Net ID to complete the form for you. They also cannot use Guest Access to complete the form on your behalf. To ensure timely processing, submit funds at least one month before prior to any payment due dates.
- Send the Wire Transfer to BYU or mail the funds to Off-Campus Scholarships, A-41 ASB, Provo, Utah 84602. Funds must include the full name and student ID number for the funds to be posted to your account. Funds received without identifying student information are returned immediately to the granting organization.
- Funds that are wire transferred typically take 3-4 days to post to your account. If you mail the funds, it can take 3-4 weeks for funds to post to your account. Processing times may vary depending on time of year and volume of requests. You will be notified via YMessage when your funds post to your account. You can view your funds at the Scholarship Summary page of your My Financial Center.
Funds must be requested to be transferred directly from your 529 plan. If you have questions on withdrawing the funds, your plan’s processing time, or tax implications, contact your 529 Plan.
Funds are processed on a first-come-first-serve-basis. Processing will not be expedited due to late receipt of the funds. The Financial Aid Office does not hold classes. Due to the high volume of checks received, any request made to Off-Campus Scholarships to verify your funds have arrived will not be granted.
BYU can now accept wire transfers for 529 funds. The 529 Form must be completed before sending any funds to BYU. Once the form is completed, email email@example.com for information on how to complete the wire transfer.
After receiving instructions, send an email to firstname.lastname@example.org the same day that funds are transferred. That email must include:
- Student Name
- Student ID number
- Confirmation on 529 Fund Allocation Form completion
Identifying student information must be provided with the transfer. Funds that cannot be processed will not be held.
Fund Allocation Breakdown
You can apply your 529/Prepaid Tuition in a variety of ways depending on your savings plan. 529 Plans can pay off the following BYU My Financial Center charges:
- Book Store charges (for Undergraduates)
- On-Campus Housing (for Undergraduates)
- On-Campus Meal Plans (for Undergraduates)
- BYU Health Insurance
It is the student’s responsibility to ensure that the funds are allocated properly on the 529 Fund Allocation Form.
Additional charges would be paid off using any refunded monies. If you want the money to be refunded to you, you must put Tuition as the category.
Semester Housing Payment Breakdown
Housing payment deadlines are as follows:
|Fall (August to December)||July-November|
Be aware that the December deadline for rent applies towards the Winter semester. You must complete a separate 529 Fund Allocation Form for Winter funds.
If you are sending your funds in early for the next semester, those funds will not release until the start of the semester.
Fall funds cannot be released before the start of the semester. For July housing and meal plan payments, Student Financials runs a report the first week of July to find students who have Housing and Meal plan payments pending for Fall Semester to release funds early. It is performed weekly.
Winter funds will not typically be released until after Thanksgiving, though it can change year to year. If you have sent in funds for housing charges prior to the Dec. 1 deadline, and they are just waiting to release, there should not be an issue with the Housing Office, due dates, or late fees.
If there is an issue with the housing office and when the funds are released, both offices collaborate to make sure the student isn’t negatively impacted, especially those students who have sent their money in advance.
BYU applies funds to your account prior to them being cashed. Before your funds are voided, send an email to email@example.com with the following information:
- Check Number
- Check Date
- The address where the funds were sent
- Date the funds were sent
It can take up to 3 weeks for BYU to receive a check in the mail, with additional time afterwards for processing. Check with BYU before voiding any funds, as voiding funds in the middle of the process will cause further delays for them to post to a student’s account.
If your agency requires verification, proof of attendance, financial needs analysis, or a statement of charges, please complete a Verification Request. If you have any questions, you can send a YMessage to the Registrar’s Office.
Cost of Attendance
If your agency requires cost of attendance: please see Cost of Attendance.
If you withdraw or cease enrollment, unless notified, we will still release the funds to your account.
529 payments are typically used as a reimbursement toward these fees since the due dates are earlier than the funds can be released (funds go toward tuition charges first and then you can use the reimbursement to pay for your international study abroad).
Independent Study/Continuing Education
529 funds may be used as reimbursement for previously paid for Independent Study or Continuing Education courses. To transfer funds to Independent Study or Continuing Education, please provide a written statement of approval from your 529 account holder and a letter listing the courses you wish to take (along with the fees). Funds are not released until we verify Independent Study enrollment. Please note that we can only accept the amount for your course(s) and materials. Any funds in excess of your course fees and materials will be returned to the granting organization.