Once you log in to your Future Scholar account, you can choose to withdraw funds to yourself, the beneficiary, or the school.
The fastest way to receive funds from your account is to have the funds deposited into your personal bank account. As long as the funds you are withdrawing are being used to pay for qualified educational expenses, there normally will be no tax implications for the withdrawal.
If you added a bank account to your profile more than 30 days ago, you may select yourself or the beneficiary as the Payee and select your bank account as the Delivery Method. Funds generally will be available in your bank account within 2-3 business days. From there, you can electronically submit a payment to the school or simply reimburse yourself for funds you have already expended.
If you select to send the funds directly to the school, a check will be issued and mailed to the school on your behalf.
ALERT! We have recently been made aware of significant postal service delays. Even though checks are mailed within two business days of request, US Postal Service delivery times have been significantly longer than expected. If payment to the school is due within 30 days, we strongly recommend funds be withdrawn to your personal bank account and then submitted to the school via the school’s online payment portal.