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How to Open a Virginia529 Account in 2025: Step-by-Step Guide



Opening a Virginia529 account is a straightforward process, and it's a smart step toward securing your child's educational future. As one of the most highly-regarded plans in the country, Virginia529 is a popular choice for both Virginia residents and non-residents alike.

Here’s a step-by-step guide on how to open a Virginia529 account in 2025.

Step 1: Gather Your Information

Before you begin the online application, you'll need to have some key information ready for both the account owner and the beneficiary. Having this on hand will make the process quick and easy.

For the Account Owner (that’s you!):

  • Your full legal name and address.

  • Your Social Security Number (SSN) or Tax Identification Number (TIN).

  • Your date of birth.

  • Your state-issued identification information (e.g., driver's license number).

For the Beneficiary (the student):

  • The student's full legal name and address.

  • The student's Social Security Number (SSN) or Tax Identification Number (TIN).

  • The student's date of birth.

  • You may also be asked to provide information for a "designated survivor" who would take over the account if something happened to you.

Step 2: Choose Your Plan Type

Virginia529 offers a few different programs, but for most people, the choice is between two main options:

  • Invest529: This is the most common and flexible option. It's a traditional college savings plan where your contributions are invested and grow with the market. It offers a wide range of investment portfolios, including age-based portfolios and static portfolios.

  • Prepaid529: This is a prepaid tuition plan that allows Virginia residents to lock in today's tuition rates for future use at Virginia public colleges and universities.

For a beginner, the Invest529 plan is typically the best choice due to its flexibility and broad eligibility (it's open to all U.S. citizens).

Step 3: Select Your Investments

This is where you decide how your money will be invested. Virginia529 offers a variety of investment options, but the most popular choice is a Target Enrollment Portfolio.

  • Target Enrollment Portfolios: This is the "set it and forget it" option. You choose a portfolio based on the year the beneficiary is expected to enroll in college. The portfolio's asset allocation automatically becomes more conservative as the college date approaches, helping to protect your savings from market risk.

  • Individual Portfolios: If you're a more hands-on investor, you can choose from a menu of individual portfolios, such as an Aggressive Growth Fund or an FDIC-insured option. You will be responsible for rebalancing your portfolio over time.

For most people, the Target Enrollment Portfolio is an excellent choice as it simplifies the investment process and manages risk for you.

Step 4: Fund Your Account

Once you've completed the application and chosen your investments, it's time to make your first contribution. The minimum initial contribution for an Invest529 account is as low as $10, making it very accessible.

You can fund your account in a few different ways:

  • Electronic Transfer: The easiest method is to link a checking or savings account for an electronic transfer.

  • Recurring Contributions: Set up automatic monthly contributions from your bank account. This is a crucial step to building your savings consistently over time.

  • Check or Mail: You can also mail a check to Virginia529.

  • Payroll Deduction: Some employers offer direct payroll deduction, which can make saving even easier.

Step 5: Start Spreading the Word

Once your account is open, you can share a gift contribution link with friends and family. This allows them to easily contribute to the account for birthdays, holidays, or any special occasion, without you having to share any of your personal account information.

Final Reminders

  • Who can open an account? Anyone can open a Virginia529 account, regardless of state residency. You do not need to be a parent or grandparent. You can even open one for yourself as the beneficiary.

  • Minimum contributions: Virginia529 has a low minimum to start ($10) and no minimum for ongoing contributions, so you can save at your own pace.

  • Tax Benefits: If you are a Virginia resident, remember that you are eligible for a state tax deduction for your contributions. You can deduct up to $4,000 per account per year, with an unlimited carryforward for any excess.

By following these simple steps, you can open a Virginia529 account and start building a strong financial foundation for your future education goals.

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