Method for payment of tuition and related college or university expenses
OwnerPatrick J. Dolaninventor
Life of this patent
Estimating the term…
Abstract
A method by which a beneficiary of a Section 529 account under the IRS code can quickly and conveniently pay tuition charges and fees at a college or university and purchase other education related items as well. The beneficiary is provided a debit card with account related information. The card can be used for point-of-sale, online, wire transfer, or telephone purchases of qualified items from qualified institutions or businesses. A database is maintained of all authorized institutions and businesses, and all authorized charges or purchases which can be made by the beneficiary using the card. Reports can then be readily generated for the beneficiary, benefactor, IRS, and others with sufficient detail to justify the charges or purchases made by the user.
Claims10
A method of paying tuition and related college or university expenses comprising:
- establishing and funding a Section 529 investment account in accordance with Internal Revenue Service rules and regulations, the account being established for a named benefactor;
- identifying those tuition and related education expenses which can be paid from funds in the Section 529 investment account;
- providing the benefactor a debit card usable by the benefactor to pay the tuition and related education expenses as they arise;
- and,
- debiting the investment account by the amounts paid using the debit card.
The method of claim 8 in which the debit card is further usable for wire transfers, telephonic transactions, and internet transactions.
Dependencies are inferred from the claim text.