How long must a certificate be held before it may be redeemed for educational services?
A certificate (representing all purchases for a single beneficiary during a given program year) must be held a minimum of 36 months from the first purchase within that program year before it can be redeemed for educational services. A certificate is eligible for refund or roll-over to another 529 plan after 12 months. How does a purchaser determine the value of a certificate at a specific college? Prospective purchasers can consult tools at www.independent529plan.org that will calculate the tuition benefit that a specific purchase represents at different member colleges, based on each college’s current tuition and certificate discount rate. The Web site will also provide a tool that calculates the cost of one year’s tuition for any college at a given date of use. Telephone consultants available to callers via the Independent 529 Plan’s toll-free phone number (888-718-7878) will be able to access the same tools to assist prospective purchasers and certificate owners. What are the advant