College Savings Grant
Benefit Description
- $500 grant to members who open a new 529 college savings or a pre-paid tuition account.
- Your 529 account beneficiary must be 12 years old or younger at the time your open your 529 account.
- Once you open the 529 account, you must build savings of at least $1,000.
Requirements
- You must be a union member or union retiree.*
- Open a new, 529 Savings or a pre-paid tuition plan. Only accounts opened by the union member are eligible. Your 529 account beneficiary's age must be 12 years old or younger at the time you open your 529 account.
You can open a 529 plan with a first deposit of less than $100 in some states, including New York and California.
- Need help in selecting a plan? You can choose any state plan.
- Start saving for college now: How 529 plans can help
- To compare state plans and find out more about 529 Plans at SavingForCollege.com.
- Check out ConsumerReports.org's 529 Savings Plans that Make the Grade.
- Check out the Morningstar report on the best and worst 529 plans.
- Contribute at least $1,000 to your new 529 Savings or Pre-paid Tuition Account. You may combine the totals from multiple 529 plan accounts as long as each plan meets the grant requirements.
- Apply for the grant with the required documentation listed below.
- Lifetime limit: one $500 college savings grant per union household.
How To Apply
- Complete the online application form after you open your 529 account. NOTE: All accounts must be in the union member's name.
- When your account has a balance of at least $1,000, mail the following:
- A letter or first statement from the plan sponsor showing the date the account was opened.
- A current statement showing a minimum balance of $1,000
ATTN: College Savings Grants
Union Privilege
1125 15th St., NW, Suite 300
Washington, DC 20005
You will be notified by mail. Please allow 4-5 weeks for application processing.
Leave a comment