Streamline the 529 disbursement process by enabling digital payments directly to your education institution.
How does it work?
529 plans and plan managers use Flywire’s disbursement technology to automatically send electronic ACH transactions to any school that connects to Flywire. 529 payments are bundled across all connected plans and delivered via one ACH deposit to the bank account on record with Flywire. Schools will receive an email notification anytime 529 payments are deposited. Individual payment details are available in your existing Flywire Dashboard and a disbursement file is also available for download. All transactions will include relevant details, such as payment amount, student full name, student ID number, and the 529 Plan name. Designated Dashboard users at your school are able to add or change the list of staff members who can view transactions and who will receive disbursement email notifications at your institution.
How do I sign up?
If you are interested, no action is required! Flywire will create a separate 529 portal for your institution, and you will automatically begin receiving 529 payments from participating plans via ACH. Once your school is activated, we will notify you by email.
What do I need to do?
Not much! Get ready to say goodbye to paper checks and daily deposits. Some schools may choose to create a new item-type or detail code in their Student Information System to track digital 529 payments from check payments. This is not required, however, and Flywire will take care of the rest. We will deliver payments in a daily lump-sum to the current bank account on file. The 529 deposits are easily distinguished from your international deposits in both your bank account and the Flywire Dashboard.
What’s the catch?
There is no catch! Since you are already utilizing Flywire, you are automatically able to take advantage of our partnership to reduce your check volume. There is no cost to the institution to receive digital 529 disbursements. We will continue to add more 529 Plans, so you will gradually see paper check volume diminish further over time. Our 529 Plan partners are equally excited about eliminating paper check volume.
Can you automate my cashiering process and post payments directly to student accounts?
We hope that the reduction in paper check volume is a huge step forward for institutions looking to reduce cost and gain efficiency. Flywire plans to offer cash-posting integration to its clients. This functionality is in high-demand, so schools should work with their dedicated Relationship Manager to determine an estimated timeframe for when to expect integration at your institution, if desired. An alternative option for some schools is to utilize the disbursement file available in the Dashboard to batch post payments, especially at peak periods of the year.
What 529 plans are included?
Below you will find a current list of participating 529 plans. We will be adding more in the future.
|Arkansas||GIFT Arkansas 529 Plan|
|Arkansas||iShares 529 Plan|
|Colorado||Scholars Choice® College Savings|
|District of Columbia||DC College Savings Plan|
|Georgia||Path2College 529 Plan|
|Hawaii||HI529 - Hawaii's College Savings Program|
|Idaho||IDeal Idaho College Savings Program|
|Indiana||CollegeChoice 529 Direct Savings Plan|
|Indiana||CollegeChoice Advisor 529 Savings Plan|
|Iowa||College Savings Iowa|
|Kansas||Learning Quest Education Savings|
|Kansas||Learning Quest Advisor|
|Kansas||Schwab 529 College Savings Plan|
|Kansas||Schwab Learning Quest 529 Plan|
|Kentucky||KY Saves 529|
|Michigan||Michigan Education Savings Program|
|Michigan||Michigan 529 Advisor Plan|
|Minnesota||Minnesota College Savings Plan|
|Missouri||Missouri Saving for Tuition|
|Nevada||SSGA Upromise 529|
|Nevada||The Vanguard 529 College Savings Plan|
|Nevada||USAA College Savings Plan|
|Nevada||Wealthfront's College Savings Program|
|New Mexico||Scholar’s Edge|
|New Mexico||The Education Plan|
|North Dakota||North Dakota: College SAVE|
|Ohio||CollegeAdvantage Direct 529 Savings Plan|
|Oklahoma||Oklahoma College Savings Plan|
|Oregon||Oregon College Savings Plan|
|Pennsylvania||Pennsylvania Direct 529|
|Rhode Island||CollegeBound Saver|
|Rhode Island||CollegeBound 529|
|Tennessee||TNStars College Savings 529 Program|
|Washington||DreamAhead College Investment Plan|
|West Virginia||SMART529 WV Direct|
|West Virginia||SMART529 WV Direct|
|West Virginia||The Hartford SMART529|
|West Virginia||SMART529 Select|
|Wisconsin||Edvest College Savings Plan|
Is this solution available for other 529 plans?
Flywire is pursuing additional partnerships with other leading 529 plan administrators with the goal of connecting every 529 plan to our disbursement technology and further reducing your check volume over time!
For additional questions related to Flywire’s 529 Disbursement solution, please contact your Relationship Manager, or email us at [email protected].