FAQs

General Information

Is SMART529 Select a "Qualified Tuition Program?" 

What are the eligibility requirements for participation? 

How much does it take to open a SMART529 Select account? 

Who controls the account? 

At what colleges and trade schools can I use my SMART529 Select assets? 

What happens if the child receives a scholarship? 

What are the options if my child doesn't attend college or if the money saved is not needed for college expenses? 

What if the Designated Beneficiary dies or becomes disabled and does not attend college? 

Can I transfer my UGMA/UTMA account to a SMART529 Select account? 

Eligible Expenses

What college expenses can I save for with SMART529 Select? 

What other educational expenses can SMART529 Select be used for?  

  • K-12 tuition expenses up to $10,000 per year*
  • Repayment of qualified student loans or a maximum lifetime limit of up to $10,000. This includes amounts of repaid principal and interest on any qualified student loan of either a 529 plan designated beneficiary or a sibling of the designated beneficiary.**
  • Apprenticeship program registered and certified with the Secretary of Labor under the National Apprenticeship Act. Includes expenses for fees, books, supplies, and equipment required for the participation of a designated beneficiary in a program.**

*Hartford Funds does not provide tax advice. Investors should work with a financial intermediary to select an appropriate investment option based on the investor's goals, particularly if the investor is considering using the assets for K-12 tuition. The SMART529 investment options were designed for saving for college, particularly the Age-Based Portfolios. Certain Portfolios may be more appropriate for saving for K-12 tuition than others. State income tax treatment varies by state. Please consult with a local tax advisor for more information.

**State income tax treatment varies by state. Please consult with a local tax advisor for more information.

Are there college expenses that I cannot use SMART529 Select assets for? 

Taxes

What are the federal tax advantages? 

Account Information

Can I change the Beneficiary? 

How do I make changes to my account? 

Can I change my investment option  

Can I access my account online? 

How do I make additional contributions to my account? 

Distributions

How do I withdraw money from the account? 

Opening an Account

How do I enroll?  

Contributions

What’s the most that can be contributed per Designated Beneficiary? 

What is the minimum contribution per Designated Beneficiary? 

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