The Account Owner can submit a Withdrawal Request from their online account for the desired amount, or request that funds be paid directly to the school. Transactions are processed within two business days.
Withdrawals can be used tax-free as long as they are spent on qualified educational expenses. Qualified expenses include tuition and fees, housing, meal plans, books and supplies, as well as computers and equipment.
Housing and meal plans are considered qualified expenses when the student is enrolled at least half-time.
You can withdraw and use the funds for other purposes, but doing so may have tax consequences. It is suggested that you keep all expense receipts for tax reporting.
