Question 1

What if my child doesn’t go to college?

Eric · Accepted Answer

A. You have several options available if the beneficiary decides not to go to college:

Change the beneficiary to a member of the beneficiary’s family.
Defer the use of your savings and leave contributions invested in the account.
Withdraw the assets in your account for a “non-qualified” distribution (a distribution not used for qualified higher education expenses). Earnings (but not contribution amounts) would be subject to state and federal tax plus a 10% federal tax penalty on the earnings. Some plans may charge additional fees or penalties on non-qualified distributions.

Question 2

What if my child doesn’t go to college?

Eric · Accepted Answer

A. You have several options available if the beneficiary decides not to go to college:

Change the beneficiary to a member of the beneficiary’s family.
Defer the use of your savings and leave contributions invested in the account.
Withdraw the assets in your account for a “non-qualified” distribution (a distribution not used for qualified higher education expenses). Earnings (but not contribution amounts) would be subject to state and federal tax plus a 10% federal tax penalty on the earnings. Some plans may charge additional fees or penalties on non-qualified distributions.

Question 3

What if my child doesn’t go to college?

Eric · Accepted Answer

A. You have several options available if the beneficiary decides not to go to college:

Change the beneficiary to a member of the beneficiary’s family.
Defer the use of your savings and leave contributions invested in the account.
Withdraw the assets in your account for a “non-qualified” distribution (a distribution not used for qualified higher education expenses). Earnings (but not contribution amounts) would be subject to state and federal tax plus a 10% federal tax penalty on the earnings. Some plans may charge additional fees or penalties on non-qualified distributions.

Question 4

What if my child doesn’t go to college?

Eric · Accepted Answer

A. You have several options available if the beneficiary decides not to go to college:

Change the beneficiary to a member of the beneficiary’s family.
Defer the use of your savings and leave contributions invested in the account.
Withdraw the assets in your account for a “non-qualified” distribution (a distribution not used for qualified higher education expenses). Earnings (but not contribution amounts) would be subject to state and federal tax plus a 10% federal tax penalty on the earnings. Some plans may charge additional fees or penalties on non-qualified distributions.