From setting up your account to taking withdrawals, here’s how to get the most from your CollegeAmerica savings plan.
While it's a good idea to start early, you can open an account at any age or life stage. We recommend choosing a financial professional to work with to ensure you are getting the benefits of a complete investment strategy. You can find a financial professional to work with via our financial professional locator, but if you are ready to get started you can review our CollegeAmerica program description and download our 529 CollegeAmerica application.
Once your account is set up, you can buy shares online or by phone, through your financial professional or by mailing a check.
Log in to your account and click Buy to purchase shares online. Be sure to have your bank information on hand if it’s not already on file.
If your bank information is already on file, call us at (800) 421-4225.
Send your request to an American Funds Service Center. Be sure to include:
Whether you want to update your CollegeAmerica investment allocations or change the beneficiary, you can do so yourself or through your financial professional.
You may reallocate your CollegeAmerica investment twice per calendar year and whenever there’s a change to the beneficiary of the account.
Log in to your account and click Exchange to complete the transaction online, or call us at (800) 421-4225.
You may change the beneficiary of the CollegeAmerica account at any time. To avoid tax treatment of the change as a withdrawal, the new beneficiary must be a member of the previous beneficiary's family.
Generally, UGMA/UTMA custodians may not change the beneficiary of a custodial CollegeAmerica account. Custodians wishing to change beneficiaries should seek legal advice as funds held in UGMA/UTMA accounts represent an irrevocable gift to a specific individual.
Visit our FAQ page to learn more about changing beneficiaries. Use the form below to change the beneficiary on your CollegeAmerica account.
When it's time to withdraw the money you've worked hard to save, refer to Preparing for CollegeAmerica Withdrawals for information on what expenses are considered qualified and your options for taking money out of your account.
If withdrawals are used for purposes other than qualified education expenses, the earnings will be subject to a 10% federal tax penalty in addition to federal and, if applicable, state income tax. States take different approaches to the income tax treatment of withdrawals. For example, withdrawals for K–12 expenses may not be exempt from state tax in certain states.