CollegeAmerica® distribution options
ARTICLE TAKEAWAYS
- Review your options for taking CollegeAmerica distributions
- Verify time frames and requirements
- Determine the best option for your clients’ needs
CollegeAmerica distributions can be sent to the account owner, school or beneficiary. Most distributions can be processed online in the Client Accounts section of our website. In some cases, a distribution request must be submitted in writing with a signature guarantee. Review the signature guarantee requirements for additional information.
Payable to the account owner
Log in to Client Accounts to distribute the funds by:
- Check via USPS (allow 7 to 10 business days)
- Check via expedited delivery (allow 2 business days)
- Automated Clearing House (ACH) to your client’s bank on file (allow 1-3 business days)
If their bank isn’t already on file, complete the Add/Update Bank Information form. There is a 10-calendar-day wait to process a distribution to the new address unless the request is received in writing with a signature guarantee.
Payable to the school
This option is available only for distributions used to pay higher education expenses, and the institution must be considered a qualified educational institution. Visit the Federal Student Aid website to verify the school is eligible by confirming it has a federal school code.
Verify with your firm that you're permitted to request third-party distributions. To complete the distribution online, you'll need the:
- Institution’s name
- Institution’s billing address (which could be different from the physical address)
- Beneficiary’s student ID number
Log in to Client Accounts with your Vision credentials to distribute the funds by:
- Check via USPS (allow 7 to 10 business days)
- Check via expedited delivery (allow 2 business days)
Payable to the beneficiary
Verify with your firm that you're permitted to request third-party distributions.
If the distribution is $25,000 or less:
Log in to Client Accounts to distribute the funds via ACH to the beneficiary’s bank on file (allow 1 to 3 business days).
If their bank isn’t already on file, complete the Add/Update Bank Information form. There is a 10-calendar-day wait to process a distribution to the new bank account unless the request is received in writing with a signature guarantee.
Contact us if you want to send a check to the beneficiary for $25,000 or less.
If the distribution is more than $25,000:
Complete the CollegeAmerica Distribution Request. A signature guarantee is required.
Contact us
Have questions or need additional support?
Contact us 8:00 a.m. to 7:00 p.m. ET, Monday through Friday.
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The guidelines and procedures provided in the Account Resource Center may not apply to networked accounts or accounts not directly held by American Funds. The guidelines and procedures provided also apply only to those retirement accounts or Coverdell ESAs invested in American Funds with Capital Bank and Trust Company (CB&T) as custodian. The guidelines and procedures provided in the Account Resource Center do not apply to plans held in our retirement plan solutions — PlanPremier, PlanPremier-TPA or RecordkeeperDirect. Information on the Account Resource Center may change periodically, and previously printed information may not be current. Please refer to capitalgroup.com for the most current information available.
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Depending on your state of residence, there may be an in-state plan that provides state tax and other state benefits, such as financial aid, scholarship funds and protection from creditors, not available through CollegeAmerica. Before investing in any state’s 529 plan, investors should consult a tax advisor.