Contribute Using the PFD
Saving your PFD is an easy way to fund your child's college savings plan. To see how much you could potentially save, check out our Personal PFD Planner.
It's Not Too Late to Save Your PFD for College!
If you didn't opt to save half of your PFD for college when filling out your 2020 PFD application, there's still time to make changes. Log in to myPFD to update your participation status by June 17th.
Contributing your PFD
Step One: To contribute automatically, answer "Yes" to the Alaska 529 question on your PFD application. You can designate half of your PFD, half of your child's PFD, or half of both to be directly invested in an Alaska 529 (formerly the UA College Savings Plan) account and you will be entered in the $25,000 Scholarship Account Giveaway. Certain restrictions apply, see the 2020 complete rules for details.
Confirming your PFD Account Registration
Step Two: After you submit your PFD application, you will receive a postcard or email confirming your election. In June, you'll also receive a letter detailing your account registration, portfolio selection, and more. Please take the time to review this letter and contact us with any changes or questions.
If you already have an Alaska 529 (formerly the UA College Savings Plan) account but have not contributed through the PFD previously, the plan will deposit your contribution into your existing account.
If you have already established an account and contributed a PFD in the past, your contribution will be invested in the same account as your previous PFD contribution.
If you do not have an existing account and want to contribute a PFD for the first time, half of your PFD will automatically be invested in the University of Alaska Portfolio with the PFD applicant listed as the account holder and beneficiary, unless you open an account online or submit a New Account Agreement form directing us otherwise. By opening an account online with PFD as your funding option prior to July 1st, you will be able to choose your investment portfolio(s), set up your account preferences, and add any banking or additional contribution information.
To invest the contribution in a different portfolio, save for a new beneficiary, or establish a new account with a different custodian, you must open a new account. New accounts can be opened online or by completing and returning a New Account Agreement form. We will establish a new account and send a confirmation notice after we receive your PFD contribution.
To make a change to the allocation, call us at 1-800-478-0003 or send us a detailed letter of instruction. Mail the letter of instruction to UA College Savings Plan / P.O. Box 17302 / Baltimore, MD 21297-1302. Include the following information:
- The applicant's name and SSN, and the sponsor's name if applicable
- The account number(s) where the PFD contribution should be invested. If multiple accounts are listed, the % of the PFD that should be allocated to each account must be provided.
- The applicant/sponsor's signature
To cancel your PFD contribution, visit pfd.alaska.gov to log in to "myPFDinfo" or download and complete the Alaska 529 Withdrawal form by June 17th. We cannot make changes to your PFD application on your behalf.
Receiving your PFD Contribution
Receiving your PFD Contribution
Step Three: We will send you a confirmation letter in July once we receive your PFD. You can also contribute the second half of your PFD to your account when you receive it. You can contribute it to an account via check or send it electronically from your checking account. If you call 1-800-478-0003, we'll help you arrange it. Remember to answer "Yes" on your PFD application every year.
Full PFD Contributions Now Available!
It is now possible to automatically save 100% of your PFD.
Step One: Prior to completing the PFD application, fill out and mail in the PFD Direct Deposit Form.
Step Two: When you fill out your PFD application, answer "Yes" to contribute the first half of your PFD. In order to to be entered into the $25,000 Scholarship Account Giveaway, you must complete this step.
Step Three: To contribute the second half, enter the routing and account number provided on the PFD Direct Deposit Form into the direct deposit section of your PFD application.
After completing this process once, the second half of the PFD will go into the education savings account every year, or until you change your direct deposit information.