New York's 529 College Savings Program - FAQs

What EFT file format(s) will be used for disbursements?
EFT disbursements of New York's 529 College Savings Program funds will be made using CommonLine disbursement files or HESC's proprietary EFT files.
How does a school identify the student who a 529 College Savings Plan disbursement belongs to?
In HESCweb Transaction Processing, the ASM876 "College Savings Loan Program Check Disbursement Register" report will help identify to whom a 529 disbursement belongs. To obtain this report, please log into HESCweb and select the option for "Loans via the web," then "reports." The ASM876 report can be found in the list of standard reports. 
Can colleges return funds to HESC?
Colleges should apply their standard policies and procedures for crediting student accounts and refunding excess funds to students. In the event that you are unable to locate the student, or at the student's direction, you may return funds to HESC. Colleges using EFT should return funds on the standard EAR file. If possible, please complete the "reason for return" field on the EAR file. If you return funds by check, send all returns to: "Cashier, New York State Higher Education Services Corporation, 99 Washington Avenue, Albany, New York, 12255." For full returns, please send the original check. For partial returns, be sure to include the original check number, student Social Security number, and account owner Social Security number, this data is included on the original check stub.
Can funds be used to cover a partial liability incurred by a student who has withdrawn?
Funds can be used to cover partial liability as long as the liability was incurred during the academic period specified on the EFT/check.
Are there any unique reporting requirements for these funds?
There are no unique reporting requirements associated with the receipt of these funds.
Who can answer student or parent questions about their NYS 529 College Savings Plan?
Students and parents can call the NYS Saves phone number: 1-877-697-2837. New York's 529 program customer service representatives will be able to answer general questions about New York's 529 College Savings Program as well as any specific questions about withdrawal policies and procedures.
Will HESC verify the existence of college savings program funds so that colleges may defer payment due dates?
Federal law prohibits the Program from releasing account information to any third party. The Program can not verify in advance the existence of an account, account balance, or provide any other information about an account. While establishing your institution's policy on deferring payments against anticipated receipt of funds from New York's 529 College Savings Program, or any other IRS 529 qualified tuition savings program, it may be important to recognize that many accounts are held in variable return investment vehicles. As a result, account values change daily in response to financial market conditions.
How will colleges know what semester the funds are for?
For EFT transactions, the EFT file will include the starting and ending dates of the academic period for which the funds are requested. These dates will be expressed in 8 digits (CCYYMMDD). For colleges receiving funds by check, the academic period is identified on the check stub as calendar dates i.e. 09/02/2019-06/30/2020.

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