FAQ

Promise Scholarships FAQ

 

COMMUNITY FOUNDATION PROMISE SCHOLARSHIPS

FREQUENTLY ASKED QUESTIONS


Click on a topic to view frequently asked questions on that subject

General Information

Opening a Promise CollegeChoice 529 Direct Savings Account

Existing College Savings Accounts

How to Manage Your CollegeChoice 529 Savings Account

Making Deposits into CollegeChoice 529 Savings Accounts

Earning Promise Scholarships

How Scholarships will be Disbursed

Earning Promise Savings Matches

Tax Information

Information for Donors



General Information

What are Promise Scholarships?

Is there a difference between Wabash County Promise and Promise Scholarships?

How is this program different from other scholarship programs?

Why are Promise Scholarships awarded to students so many years before college and career training actually begin?

How are Promise Scholarships earned?

Who develops the criteria by which scholarships are earned?

How are Promise Scholarships awarded?

Who is eligible?

 1. An adult opens a Promise-linked direct CollegeChoice529 savings account with the student as the beneficiary

 2. A parent signs the Participation Agreement form

What if the student lives outside of Wabash County but attends school inside Wabash County?

What can Promise Scholarships be used for?

How do I use my Promise Scholarship to pay for college expenses?

How are Promise Scholarships protected from misuse?

 

Opening a Promise CollegeChoice 529 Direct Savings Account

What is CollegeChoice 529?

Are investments guaranteed?

How do I open a Promise CollegeChoice529 account?

1. Does not require an initial deposit -- The preferred method is to complete a paper form available from the Community Foundation of Wabash County or your child’s school. To ensure proper tracking, mail or bring the completed form to:

Community Foundation of Wabash County

105 W Second St, Suite 100

North Manchester, IN  46962

2. Requires a $10 initial deposit. Visit https://www.collegechoicedirect.com/ and click Enroll Now. Then it is essential that you contact the Community Foundation to let us know that you have opened an account

What information will be required when I open a Promise CollegeChoice 529 account?

What am I agreeing to when I sign the 529 enrollment form and the Participation Agreement?

How will I know that my account has been set up?

How do I complete the Investment Option section?

Do I retain control of the money?

Can students have more than one Promise 529 account?

 

Existing College Savings Accounts

How can I find out if my college savings account will work with Promise Scholarships?

My child already has a CollegeChoice Direct 529 savings account. Can I use that account to participate in Promise Scholarships?

I have a CollegeChoice 529 savings account, but I can’t find the account number. How can I find out my account number?

My child already has a college savings account that is managed by my financial advisor. Can I use that account to participate in Promise Scholarships?

My child already has a college savings account that was set up in another state. Can I use that account to participate in Promise Scholarships?

Who can open a CollegeChoice529 Direct Savings Plan account?

Who can contribute to a 529?

Who can be a beneficiary?

 

How to Manage Your CollegeChoice 529 Savings Account

How can I manage my CollegeChoice 529 savings account?

What if I forget my username for collegechoicedirect.com?

What if I forget my password for collegechoicedirect.com?

Why do I see two account numbers for my child on collegechoicedirect.com?

How do I change personal information at collegechoicedirect.com?

Can I attach my child’s Promise scholarship account to a different adult?

Can I transfer funds from my child’s CollegeChoice 529 savings account or scholarship account to another person?

How do I make a withdrawal from my child’s CollegeChoice 529 savings account?

What are the fees associated with CollegeChoice 529?

 

Making Deposits into CollegeChoice 529 Savings Accounts

How do I make a deposit online?

How do I make a deposit by mail?

CollegeChoice 529 Direct Savings Plan

The Promise

95 Wells Avenue Suite 155

Newton, MA 02459-3204

How do I deposit cash into my 529 account?

How can a friend or family member deposit money into my child’s account?

What is the maximum amount that can be contributed to my 529 savings account?

What is the impact of a CollegeChoice 529 account on Indiana state financial aid?

What impact does a 529 plan have on eligibility for federal financial aid?

Note: Financial aid programs offered by educational institutions and other non-federal sources may have their own guidelines for the treatment of 529 plan accounts. For complete information about financial aid eligibility, you should consult with a financial aid professional and/or the state or educational institution offering a particular financial aid program, since rules and regulations often change.

 

Earning Promise Scholarships

How often can Promise Scholarships be earned?

What is the maximum total scholarship a student can earn per year?

 

How Scholarships will be Disbursed

What taxes will I have to pay when I withdraw money from the 529 account?

What happens to the scholarships if the student does not attend college?

Where can scholarships be used?

Does my child have to attend college in Indiana?

Are there protections for my scholarship account?

 

Earning Promise Savings Matches

What savings matches are available?

  1. When you open a new Promise 529 savings account for a student during the beginning of year enrollment period, Parkview Health will deposit $25 into your Promise 529 savings account.
  2. If you deposit at least $20 each semester during the school year, the Community Foundation will match your deposit dollar for dollar in your scholarship account. If you successfully make deposits both semesters, the Community Foundation will deposit an additional $10 into the scholarship account
  3. If you or the student’s champions (family or other supporters) deposit at least $25 into a student’s Promise 529 account on or before October 31, Parkview will award a 3-to-1 match and deposit $75 into the student’s scholarship account.

When will the savings match dollars show up in my scholarship account?

When in the last day I can deposit money to earn the quarterly savings match?

What is a champion?

 

Tax Information

What is my tax savings for depositing money into an individual’s CollegeChoice 529 savings account?

What tax benefits can I get from CollegeChoice 529?

What is the tax penalty if I withdraw money from my Promise 529 savings account for something other than career training or college education?

 

Information for Donors

How can donors support this work?

What is the tax benefit for contributions to the overall Promise Scholarship Program?

 

Other questions? Please contact us by calling 260-982-4824 or This email address is being protected from spambots. You need JavaScript enabled to view it.

Joanne Case, Promise Scholarship Director Grades 4-6 
This email address is being protected from spambots. You need JavaScript enabled to view it.

Nancy Alspaugh, Promise Scholarship Director Grades 7&8 
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