ARTICLE TAKEAWAYS
- Distribution options for CollegeAmerica accounts
- How to process a distribution online
- When the CollegeAmerica Distribution Request form is required
- When a signature guarantee is required for a distribution
Money from your CollegeAmerica account can be sent to the account owner, beneficiary or school. The recipient you choose to send the distribution to determines how it will be reported for tax purposes. Most distributions can be requested online. Distributions can be sent by:
- Automated Clearing House (ACH) to a bank account on file*: allow 1 to 3 business days
- Check mailed via the United States Postal Service: allow 7 to 10 business days
- Check sent via expedited delivery: allow 2 business days
* To send money from a distribution to a bank account that is not already on file, complete the Add/Update Bank Information form (PDF). There is a 10-calendar-day hold from the day we process the request before this method can be used, unless an original signature guarantee is provided. For more information, review Link a bank account for investments and withdrawals.
Some requests, including distributions to a bank account added within the last 10 business days, distributions of $25,000 or more sent to the beneficiary or distributions payable or sent to a third party must be submitted in writing with a signature guarantee. For additional information and requirements, review Signature guarantees.
Payable to the account owner
Use this option for qualified expenses you, as the account owner, have paid for or will pay for, such as tuition, room and board, books, etc.
Distributions for $125,000 or less payable to the account owner can be requested:
- Online — Log in to your account and click Sell
- By phone — Contact us at (800) 421-4225
- By mail — Complete the CollegeAmerica Distribution Request (PDF)
Distributions for $250,000 or less but more than $125,000 payable to the account owner can be requested:
- By Phone — Contact us at (800) 421-4225
- By Mail — Complete the CollegeAmerica Distribution Request (PDF)
Distributions for more than $250,000 must be requested in writing. Complete the CollegeAmerica Distribution Request (PDF) with a signature guarantee.
Note: Distributions payable to the account owner are reported under the account owner’s Social Security number (SSN).
Payable to the beneficiary
Use this option for qualified expenses the student/beneficiary has paid for or will pay for, such as tuition, room and board, books, etc.
Distributions for $125,000 or less sent via ACH to the beneficiary’s bank account on file can be requested:
- Online — Log in to your account and click Sell
- By Phone — Contact us at (800) 421-4225*
- By Mail — Complete the CollegeAmerica Distribution Request (PDF)*
* This method can also be used to request a check be mailed to the beneficiary’s address.
Distributions for more than $125,000 must be requested in writing. Complete the CollegeAmerica Distribution Request (PDF) with a signature guarantee.
Note: Distributions payable to the beneficiary are reported under the beneficiary’s SSN.
Payable to an eligible institution
Use this option to send a check and pay the school directly for qualified expenses, such as tuition or room and board.
To request a check be sent to the school, you’ll need:
- The school’s name
- The school’s billing address (which could be different from the school’s physical address)
- Beneficiary’s student ID number
Distributions payable to the school can be requested:
- Online — Log in to your account and click Sell
- By phone — Contact us at (800) 421-4225
Note: Distributions payable to an eligible institution are reported under the beneficiary’s SSN.