529 College Savings Plans

A 529 plan is a tax-advantaged savings plan designed to encourage saving for future education costs. Learn about saving for College: An Introduction to 529 Plans.

Am I Eligible?

The University of Toronto is a Title IV eligible institution that participates in the William D. Ford Federal Direct Loan student aid program administered by the U.S. Department of Education. 

For ineligible programs refer to “William D. Ford Federal Direct Loan Program – Ineligible Programs/Institutions”. There may be a penalty for withdrawing funds for an ineligible program. General questions regarding administration, withdrawals and any penalties should be directed to your 529 College Savings plan administrator.

If you are a student who was admitted or registered in an ineligible college (St. Michael’s, Trinity or Victoria), you may wish to consider requesting a transfer to a college which is eligible for both the 529 College Savings Plans and the William D. Ford Federal Direct Loan student aid program. Such transfer requests must be made directly to the college you were admitted to, or to where you are currently registered.

How Do I Apply?

Before beginning, consult your state 529 plan to discuss how to begin the distribution process for the funds. The following specific institutional details may be required to process the payment. 

  • Mailing address: 

Student Receivables and Accounting Office 
University of Toronto 
215 Huron Street, 3rd floor 
Toronto, Ontario, Canada   M5S 1A2 

  • Federal School Code: G06688 

All payments must be accompanied by the student’s name, student number and (if possible) the student’s program of study, or ACORN invoice for processing. 

  • Email a copy of your state Prepaid College Plan Third Party Billing Notice along with your ACORN invoice through the University Registrar’s Office Service Portal.
    • Select “Get Help”
    • Select an area of inquiry: Financial Aid (OSAP, BSWD, UTAPS, etc.)
    • Further specify the area of inquiry: U.S.A. Student Aid
  • Please note: The Student Receivables & Accounting Office must match your ACORN invoice with the Prepaid College Plan Third Party Billing Notice in order to record the Third-Party Sponsorship deferral and complete your registration. 

Check ACORN to confirm that your registration status has changed from ‘Invited to Register’ to ‘Registered’. 

How to Pay My Tuition with Other 529 College Savings Plans 

If you require a Confirmation of Enrolment/Registration letter or form, contact your registrar’s office to request. A small administrative fee may be charged. You should plan sufficient time to arrange to pay your fees by the payment deadlines for each session.

If your 529 College Savings plan will pay you directly so that you can pay your University of Toronto fees, you are responsible for paying your fees before the payment deadlines.

If your 529 College Savings plan will pay the University of Toronto directly for your fees, the cheque payable to the ‘University of Toronto’ should be attached to your ACORN invoice and sent by mail to: 

Student Receivables & Accounting Office 
University of Toronto 
215 Huron Street, 3rd floor 
Toronto, Ontario, Canada M5S 1A2 

  • All payments must be accompanied by the student’s name, student number and (if possible) the student’s program of study, or ACORN invoice for processing. 

If you are paying from the Florida Prepaid College Plans, Michigan Education Trust, or the Texas Guaranteed Tuition Plan, you are eligible for a tuition fee deferral, if all of the following conditions apply: 

  • You or the 529 College Savings Plan administrator has paid for prior session fees; 
  • 529 College Savings Plan will pay a portion of current session tuition fees that exceeds the minimum required payment (Fall term tuition fee total for Fall-Winter session or 50% of Summer tuition fee total for Summer session); 
  • You submit your state Prepaid College Plan Third Party Billing Notice for a tuition fee deferral request to the Student Receivables & Accounting Office prior to your division’s Fall-Winter session Pay or Defer to Register deadline or Summer session Pay or Defer to Register deadline.