CollegeAmerica® 529 distributions

CollegeAmerica and ABLEAmerica are nationwide plans sponsored by Virginia 529

Before you get started

Requests to distribute from your CollegeAmerica account(s) are generally processed on the same business day. Requests received after the close of the New York Stock Exchange are processed at the next business day’s price per share. Consider talking to your financial professional before taking a distribution. They can offer advice and help you make decisions that support your long-term financial plan.

Things to consider

  • If CollegeAmerica distributions are not used for qualified education expenses, the earnings may be subject to a 10% federal tax penalty in addition to federal and, if applicable, state income taxes
  • Distributions sent via check are generally mailed the business day after they are processed
  • Distributions sent to a bank account via Automated Clearing House (ACH) are typically deposited into your bank account within 3 business days
  • When you complete a distribution, the price you receive is determined by the business day’s closing price per share. This value may be more or less than your original purchase price. Please keep in mind that CollegeAmerica distributions, including the basis and earnings, are tax-reportable.
  • For a complete guide to your CollegeAmerica savings plan, review the CollegeAmerica Program Description (PDF)

Popular tasks

Send money to the owner

You can take money out of your CollegeAmerica account online and send it to yourself, as the account owner. Go to your account and click Sell.

Send money to the school

You can request a check be sent directly to the school from your CollegeAmerica account online. You'll need the school’s name and billing address, the student’s ID number and the dollar amount. Go to your account and click Sell.

Send money to the beneficiary

If the amount is for $25,000 or less and being sent to a bank account on file, you can take money out of your CollegeAmerica account online and send it to the beneficiary. Go to your account and click Sell.

Understanding 529 payee options

Review the guidelines and impacts of who can receive CollegeAmerica distributions to determine the best fit for your needs.

Link your bank account to easily make withdrawals from your account at Capital Group

To link your bank account for withdrawals, complete the Add/Update Bank Information form.

529 distribution support

Determine whether an expense is qualified

Review what education expenses are considered qualified.

Change to a different beneficiary

Complete the CollegeAmerica Account Change Request to change the beneficiary.

529 frequently asked questions

Find answers to common CollegeAmerica account questions, including how to distribute money from your account.

Move your 529 account

Move your CollegeAmerica 529 account to another institution.

Contact us

Have questions? We're here to help.

Contact us 8:00 a.m. to 7:00 p.m. ET, Monday through Friday.

This material does not constitute legal or tax advice. Investors should consult with their legal or tax advisors.
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