Audience: Franklin University students using a 529 plan.
Disclaimer: The results and functionality of the following article only apply to audience listed above.
The steps below illustrate how a student/beneficiary or parent makes a payment using a 529 Savings Plan.
1. Log in to myTools at http://mytools.franklin.edu
2. Click "View My Account Balance and Payment Options"
3. In Self Service, click the "Payment Options" link. This will take you to the ePayments site.
4. In the ePayment site, choose "Click here to make a payment"
5. Confirm or adjust the amount to pay and click "Checkout"
6. In the Select Method of Payment screen, click the "Link My 529 Savings Plan" button
7. In the 529 Savings Plan window that loads, select the 529 Plan Name and enter the account number. Click the "continue" button.
NOTE: If the total amount of the transaction, including fees, exceeds 90% of the account value, the transaction will not be allowed. This is required to account for fluctuations in market values.
8. At this point, a login screen for your 529 plan vendor should appear. Enter your username and password.
9. Review the amount available in the plan and authorize the payment by clicking "I Authorize".
10. At this point, you should be taken back to the Franklin University payment site. Cashnet will display a message about a service fee. Click "continue". Hereafter, the 529 plan is stored as a Saved Payment Method in Cashnet and the Email Address screen loads.
11. Verify the email address and modify it as needed. Review the 529 terms and conditions and click "Submit Payment".
12. If the payment is authorized, the Transaction Approved screen loads. now the transaction is successfully closed and a receipt is emailed to the email address entered in the previous screen.
NOTE: If the authorization fails, the Select Method of Payment screen re-loads and an error message is displayed.
NOTE: After making the payment, the Your Account page on the ePayment site now displays the 529 Savings Plan under Saved Accounts.