Yes, you do have to pay the penalty, unfortunately.
The exception doesn't apply to such plans as 403(b) or 401(k) if taken out early to pay for education; they are subject to additional 10% tax penalty on their early distribution.
Below link shows all exceptions allowed:
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distri...
