I’m Jennifer, Founder of 529easy. We created our company after talking to many parents who wanted to save for their child’s higher education, but were confused or disappointed in how the distribution process worked. They were not sure what is considered a qualified expense, and the idea of asking their college-bound child to save receipts seemed near impossible.
Therefore, I realized that if a 529 plan had a payment card that paid for qualified education expenses (similar to an EBT or FSA card), it would help the plan owners, beneficiaries, state and federal agencies and even the financial providers sell their 529 plans.
On the surface, it sounds easy; however, it is never that simple. 529 plans are not just savings accounts that you can instantly withdraw money for expenses. 529 plans are compiled of investments that help grow the account and try to keep up with the ever-increasing expense of higher education. This means the money is not readily available and a sale of securities has to occur. 529easy had to create this Patent-Pending technology, allowing the payment card user to pay for purchases instantly. This technology triggers a sale of the securities and through the 529easy process, reimburses the payment card at date of settlement.
Our unique database will supply and help merchants to qualify each item presented for purchase as either qualified or not-qualified. 529easy works for account owners to ensure purchased items are in fact qualified expenses in accordance with the Federal and State agencies.
Best regards and happy savings,