Opening an Account

Who can open an account?
Anyone of legal age can open an account. There are no residency or income restrictions. Both account owners and beneficiaries need to have valid Social Security numbers.

Can I open an account directly with tomorrow's scholar?
No, tomorrow's scholar is available only through financial advisors.

Do I need to open a separate account for each Portfolio?
Yes. If you select more than one Portfolio, you will have a separate account for each Portfolio you select.

Do I need to open separate accounts for each of my children?
Yes. Each account may have only one beneficiary, but you can open accounts for as many beneficiaries as you'd like.

Does the account owner have to be related to the beneficiary?
No. As an account owner, you may open an account for your child, a stepchild, niece or nephew, friend, or even yourself.

If I open an account, will my child still be eligible for financial aid if we need it?
Your eligibility for financial aid will depend on your family's financial circumstances when your child enrolls in college.

An account established by the account owner for a beneficiary is considered an asset of the account owner for financial aid purposes. For determining Federal financial aid eligibility, approximately 6% of a parent's assets and 20%¹ of a student's assets are considered. Even so, families that have invested for college are generally in a better position than those who have not. For example, a student from a family that has invested for college may not have to borrow as much in student loans, which can be the biggest part of most financial aid packages.

529 accounts owned by a dependent student, which includes UGMA/UTMA 529 accounts, will be considered an asset of the parent for financial aid calculations starting with the 2009-2010 school year. This is the same treatment as parent-owned 529s. Currently, these accounts are excluded from financial aid consideration. 529 accounts owned by an independent student are considered an asset of the student for financial aid calculations. If the account owner is not a student, parent or legal guardian, then the account assets should have no implications to financial aid.

tomorrow's scholar investments are exempt from the calculation of Wisconsin state financial aid awards administered by the Higher Educational Aids Board. If you're applying for Wisconsin State financial aid, contact HEAB to have your tomorrow's scholar assets removed from the calculation of your "expected family contribution."

Review your Free Application for Federal Student Aid (FAFSA), and locate the question number where you recorded your tomorrow's scholar assets.
Contact HEAB by writing to: P.O. Box 7885, Madison, WI 53707-7885 (give them the question number and the amount of tomorrow's scholar assets included), or e-mail them at HEABmail@heab.state.wi.us.

Who controls the money in a tomorrow's scholar account?
The person who signs the Account Application for the program is the account owner. The account owner maintains control over all of the money in the account. The beneficiary does not have any control over the account.

How can I stay informed about my account?
There are three easy ways to access your account information 24 hours a day.
Contact your Advisor
A live representative at 1-866-677-6933, 24 hours a day
Our Web site – www.tomorrowsscholar.com

In addition, every quarter you will receive a statement that shows the activity on your account – including any contributions, withdrawals, and earnings.

Can I transfer assets from another state's college savings plan into a tomorrow's scholar account?
Yes. You can roll over balances from another state's program, provided that the other state's plan allows it, once every 12 months. You will need to complete a new tomorrow's scholar account application along with a Rollover Request form.

Can I open and contribute to an account for myself?
Yes. tomorrow's scholar allows you to name yourself as both the account owner and the beneficiary.

How do I get started?
Talk to your advisor. If you don't already have an advisor, you may call 1-866-243-0931 to locate a Wells Fargo financial professional.

This Web site is accompanied by a current program description for the tomorrow's scholar^® plan.

An investor's or a designated beneficiary's home state may offer state tax or other benefits that are only available for investments in that state's qualified tuition program. Please consider this before investing.

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