Find out how to pay your bill using prepaid educational savings plans and educational trust funds.
Prepaid educational savings plans, also known as prepaid tuition plans or Qualified Tuition Programs (QTPs), are dedicated savings plans set up under Section 529 of the Internal Revenue Code. The funds are set aside for future college costs, and are operated by individual states or educational institutions. Each state has set up one or more of these plans.
An adult sets up and manages an educational trust account for a student's benefit. The account assets can become the student beneficiary's sole property at age 18 or 21, depending on how the account is set up. The assets are considered in the calculation of your family's financial need and may limit the amount of financial aid awarded to you.
Contact Financial Aid's Scholarship Office, (858) 534-3263.