FAQs

FAQs

What is Ugift®?

Ugift is an easy, free-to-use service that lets 529 plan account owners encourage family and friends to celebrate children’s milestones with the gift of college savings, in lieu of traditional gifts. Account owners receive a unique Ugift code for each beneficiary/student, which can be shared with others and used to contribute here at Ugift529.com.

All gift contributions sent in to Ugift are invested into the student's 529 plan account and are intended to be used only for qualified college and college-related expenses (as per laws that govern use of 529 plan assets).

Ugift is typically only available to account owners invested in a 529 college savings plan administered by Ascensus College Savings.

How do I get a Ugift code?

Ugift codes have to be initiated and shared by the 529 plan account owner. If you want to use Ugift to give college savings, reach out to the child’s parent or guardian and ask them if they have a 529 plan and if it features Ugift. If so, they can log into their account to get a Ugift code and share it with you.

Will I need a new Ugift code to contribute to the same person in the future?

No—you can use the same Ugift code to contribute to the same student any time you like, provided the account remains open and the account owner has chosen to continue allowing Ugift contributions. You can also set up a Gift Giver profile, which will allow you to save your banking information and frequently used Ugift codes, view your gift history, and even set up recurring gifts.

What is a Gift Giver profile?

A Gift Giver profile allows you to save your banking information and frequently used Ugift codes, view your gift history, and even set up recurring gifts.

How do I set up a Gift Giver profile?

Start by giving a Ugift via Ugift529.com. Once you’ve successfully completed the gift process, you will be prompted to create a profile. All you’ll need is your name, email and phone number.

Do friends and family need to use Ugift to contribute to a 529 account?

No. Friends and family can send in contributions at any time by check. Please note that, if they are not using Ugift, the account number must be included with the contribution so it's linked to the correct account.

Are there any fees associated with using Ugift?

No. Neither the 529 account owner nor the gift giver has to pay any fees for using Ugift. The entire amount of the gift will be deposited into the student's 529 plan account.

Are there minimum and maximum gift amounts?

The minimum and maximum gift amounts will depend on the 529 plan the account owner is invested in. Check with the person who shared the code to see which plan they have, and visit the plan's website for details. Contribution minimums can be as little as $15 for some plans.

How do I know if my gift has been made successfully?

If you make your gift online, you will see an online confirmation page at the end of the process, and you will also receive a confirmation email. If you were handed or mailed an invitation, you will not receive an email.

How does the account owner know that I made a gift?

When the account owner views their 529 account online, your name will display next to the amount of your gift. If you are mailing a check, remember to write your name on the gift contribution coupon.

When are gift contributions invested?

The contribution will be deposited into a non-interest bearing gift account after receipt in good order, and then transferred directly into the student’s 529 plan account approximately five business days later.

Are there gift tax consequences for using Ugift?

Accounts are controlled by the account owner. Your gift contribution may have gift tax consequences or other tax implications. You should consult your tax advisor.

 

FAQs for 529 Plan Account Owners

How do I invite friends and family to participate in Ugift?

Opting into Ugift is easy! Just log into your 529 plan account and click on Ugift. There you can get a Ugift code for each beneficiary that friends and family can use at any time over the life of your account.

How do I share my Ugift code?

Ugift allows you to send out your Ugift code to others via Ugift email, Facebook, and Twitter directly from your account. You can also distribute your code or printed invitations any way you want – in person, over the phone, etc.

How do I know who has sent in a gift contribution?

Log into your 529 plan account and click on Ugift. Go to "See Ugift history" to find gift activity, including the name of the gift giver (if provided), the amount of the gift, and the gift's status.

How do I know that a gift contribution has gone into my account?

Any gift that appears on the "See Ugift History" page within your 529 account with a status of "funded" has been transferred into your account. A status of "Pending" means that it has not yet been transferred into your account. Once a gift contribution has been transferred, it will also be displayed in your account transaction history.

How are the gift contributions allocated?

Gift contributions will be allocated according to the standing allocation on your account at the time the contribution is transferred into your 529 account.

How does Ugift know into which account a gift should be deposited?

Ugift codes correspond directly to your specific beneficiary's 529 plan account.

Will I receive a confirmation of the gifts submitted to my 529 account?

Yes, you will receive a confirmation once the gift contributions have been transferred into your 529 plan account.