A qualified tuition program (QTP), also referred to as a section 529 plan, is a program established and maintained by a state, or an agency or instrumentality of a state, that allows a contributor either to prepay a beneficiary’s qualified higher education expenses at an eligible educational institution or to contribute to an account for paying those expenses.
The benefits of establishing a QTP are:
- Earnings accumulate tax free while in the account.
- The beneficiary doesn’t generally have to include the earnings from a QTP as income.
- Distributions aren’t taxable when used to pay qualified higher education expenses. However, if the amount of a distribution is greater than the beneficiary’s qualified higher education expenses, a portion of the earnings is taxable.
For the detail information, please visit Virginia 529
Because VUIM is accredited by ACAOM (Accreditation Commission for Acupuncture and Integrative Medicine that is recognized by the U.S. Department of Education to accredit Master’s level programs in the acupuncture and oriental medicine profession)and is participating in federal student financial aid programs under Title IV of the Higher Education Act of 1965, the tuition and fees of our school is eligible expenses for Virginia529
So if your parent (or you) has an account at Virginia529, you can use the money to pay tuition and fees of our school.
But, please be advised that VUIM will not send Virginia529 invoice for your amount owe. So if your parent (or you) has a prepaid 529 account, the account owner should roll the prepaid account money into other qualified tuition programs such as an invest529 account to withdraw the money without school invoice. You are responsible for making timely payments from your account to the school and for maintaining documentation of all qualified higher education expenses.