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, College Savings or Qualified Education 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 towards their tuition charges. If the funding from these resources is intended to be used to pay for the balance due on the semester's payment due date and will be not received in time, we recommend that you enroll for a semester payment plan in order to keep your student account in good standing. Dates to request dates from your provider are as follows:
||Date to Request Funds
from State Provider
Payment Due Date
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 benefits 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