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I am saving for Select one 1 child 2 children 3 children more than 3 children. I want to learn more about college savings. I'm ready to open a plan.
Password Show. Forgot your password? LOG IN. Can a beneficiary have more than one account? Since only one account owner can be named per account, family members may choose to open their own account for the same beneficiary. Can anyone open a account? What about grandparents? A account can be opened by anyone. Grandparents, other relatives or family friends can all be account owners, or simply choose to contribute to an existing account. In most states, a trust, corporation, non-profit or government entity can also open an account.
Does my child have to go to an in-state school? Funds can be used at any eligible educational institution in the country to pay for qualified higher education expenses. Certain proprietary institutions and post-secondary vocational institutions and certain institutions located in foreign countries are also eligible educational institutions. To be an eligible educational institution, the institution must be eligible to participate in U. Department of Education student aid programs. You have several options available if the beneficiary decides not to go to college:.
What if my child is in high school? Is it too late to open an account? It is never too late to save for higher education. You may open an account for an individual of any age, and the account may be used immediately. Note that some prepaid tuition plans may need a longer timeline to see a significant return on investment, so be sure to check with plan administrators. What if my beneficiary receives a scholarship?
You can use your funds to pay for expenses not covered by the scholarship, such as room and board, books and other required supplies. Who qualifies as a family member of the beneficiary? A qualifying family member includes:. In addition, the spouse of the beneficiary or the spouse of any of those listed above also qualifies as a family member of the beneficiary. Are there age or income limitations for participating in a plan?
Anyone can participate in a plan regardless of income of the account owner and in most states, regardless of the age of the beneficiary. How do I open a plan? To learn more about a particular plan and open an account, you can contact the state which administers the program directly. CSPN offers information and links to plan websites and toll-free numbers to contact the state plans.
Most states offer residents the opportunity to invest in the plan directly though the state. Advisor Sold programs offer professional investment advice and service with standard sales commissions applying. How can I change the beneficiary on an account?
Each plan make available all forms necessary for changing the beneficiary on an account. Contact your plan to determine the specific requirements and forms necessary to complete this procedure. Depending on the relationship of the new and old beneficiaries, changing the beneficiary of an account may trigger a taxable event, which could also include a penalty, gift tax or both.
Is investment in plans recommended by financial advisors? Many financial planners, tax accountants, and other financial advisors recommend plans to their clients as a program that may fit their college planning needs. This is an important decision. If you were to die or become legally incapacitated, the successor account owner assumes all rights and responsibilities for the account. The successor can be, but does not have to be, a spouse. A very small number of plans permit spouses to establish the account as joint owners.
For most plans, the rights assumed by the successor include the right to request a refund of any or all account assets subject to tax and penalty on the earnings. The successor account owner also has the right to change the beneficiary. Senior Year. Pick the long-term, financially successful college.
Saving for College. Cost of College. Student Loans. Book: Better Off After College. Sign In Get Started. Back to app. Partner With Us. For Educators. For Financial Institutions. Try Edmit Free Log In. Nick Ducoff. Vemo and Edmit join forces to help st Alicia Hahn. Begin Your Research on Education and Can a Plan Have Joint Owners?
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