Eligibility for 529 Plan Funding

Does any ne have any information about the Summer Intensive program being eligible for 529 plan funding?

Hello Donald!

This a good question that we get asked quite a bit. I say “we” because I’m an Admissions Counselor here at RMSP. Thanks for asking!

The answer is that RMSP and our programs (including Summer Intensive) are not eligible for the tax benefits afforded to individuals with 529 Plan accounts. The reason for this is because our school is a privately-owned, non-accredited institution. As such, RMSP is not considered an “eligible school of higher learning” under the definition in the 529 Plan itself as well as designated by the U.S. Department of Education. Qualified schools are primarily accredited institutions.

As with any tax-related question like this, we wholly encourage you to investigate this with your personal accountant or financial advisor to verify. Hope this helps!