Student Financial Services

Applying Your 529 College Savings Plans

Last Updated: Oct 22, 2014 04:19PM CDT
Please be sure all information and payments are sent to the Student Financial Service office and NOT to the Bursar's Office to avoid a delay in the processing of these funds.

A 529 Plan is an education savings plan operated by a state or educational institution designed to help families set aside funds for future college costs. Students should list the 529 Plan amount in the asset section of the FAFSA if the 529 Plan is in the name of the student or the dependent student's parent. It may be necessary for SAIC to adjust a student's FAFSA and their award package to meet federal, state, and institutional awarding policies. A 529 Plan payment will be applied as a payment on the student's account.

529 Plan Processing and Instructions
Students using a 529 Plan to pay for educational expenses must notify Student Financial Services prior to the beginning of the semester. Students should complete a request to receive funds from their state provider four (4) weeks before the payment due date each semester that they are using the 529 Plan as payment toward their tuition charges. Request dates are as follows:
 
Term Date to Request Funds
from State Provider
Tuition/Fees
Payment Due Date
Summer April 15 May 15
Fall July 15 August 15
Winter November 15 December 15
Spring December 15 January 15

Students should inform the state provider sending the funds to the Student Financial Services office that their name and student ID number should appear on all correspondence and transactions. If the agency that holds your 529 benefit requires invoices, please contact Student Financial Services immediately with the contact information of the agency and the name of the student. In some cases, SAIC may be required to complete a form or letter of credit that is provided by the 529 Plan provider.

Payments and correspondence should be sent to:

School of the Art Institute of Chicago
Attn: 529 Administrator
Student Financial Services
Sullivan Center
36 S. Wabash Ave., suite 1200
Chicago, IL 60603

Contact Us

  • Email Us
  • Student Financial Services

    Sullivan Center
    36 S. Wabash Ave., suite 1200
    Chicago IL 60603
    Phone: 312.629.6600
    Fax: 312.629.6601

    Office Hours:
    Monday–Friday (except for holidays)
    8:30 a.m.–4:30 p.m.

sfshelp@artic.edu
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