529 College Savings Plan Funds

A 529 plan is an educational savings plan designed to help families set aside funds for future college costs. Many students use 529 plans to pay for tuition and other qualified expenses at Montclair State University.

Before requesting funds, plan ahead and make sure you understand timing, processing and payment requirements.
 

Timing, Processing and Payment Requirments

Step 1: Review Payment Deadlines

Start by reviewing the payment deadline for the semester.

Request your funds at least 5 to 10 days before your payment is due. This gives enough time for processing and delivery.

Step 2: Estimate Processing Time

Withdrawing funds from a 529 plan may take several days.

  • Some plans require investments to be sold before funds become available
  • This may include mutual funds or bonds that need settlement time

Example Timeline:

  • Monday: Request submitted
  • Thursday: Funds available
  • Friday: Check issued

Plans that hold only savings or money market funds may process faster.

Step 3: Plan for Bank Delays

Banks may place holds on large deposits.

If a check is larger than your typical account balance, the funds may not be immediately available. This can delay your ability to make a payment on time.
 

Step 4: Send Payment to the University

Have your 529 distribution check sent directly to Montclair State University whenever possible.

Make checks Payable to Montclair State University and Mail to:

Montclair State University
Red Hawk Central
Attn: Cashier's Office
1 Normal Ave
Montclair, NJ 07043

Include the Following on or With the Check:

  • Student's full name
  • CWID number

If the check is sent to you instead, you will need to wait for it to clear your account before submitting payment to the University.

Step 5: Request Your Distribution

Once you have reviewed deadlines and estimated costs:

  • Contact your plan advisor or administrator
  • Request the distribution
  • Choose whether funds are sent to you or directly to the University

Keep all receipts and documentation for your records.

Important Reminder

Because 529 plans provide tax benefits, you may need to show that funds were used for qualified education expenses in the event of an audit.