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Change of Tuition Plan Payment Option Form - College Savings

Change of Tuition Plan Payment Option Form - College Savings 2025

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The document is a form for the Maryland Prepaid College Trust that allows account holders to request changes to their existing tuition plan or payment options. It provides instructions for completing the form, contact information for assistance, and details on various tuition plans and payment options available. The form also includes sections for indicating contributions and certifying the accuracy of provided information.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

How do I pay my school tuition with a 529 plan?

The plan can send withdrawals by check to the account owner, the beneficiary, or the school. You can transfer the money to yourself or the beneficiary electronically and then make payment to the school. This process generally takes 35 business days.

Can you change the beneficiary of a 529 to yourself?

You cant make yourself the beneficiary: An individual can indeed be their own beneficiary. This can be advantageous for adults planning to return to school or further their education. For instance, a parent could switch the beneficiary from their child to themselves if they decide to attend graduate school.

Are there tax consequences for changing the owner of a 529 plan?

Q. Can I change the beneficiary of a 529 plan I have set up? A. Yes. There are no tax consequences if you change the designated beneficiary to another member of the family.

Is changing ownership on a 529 a taxable event?

There are no tax consequences if you change the designated beneficiary to another member of the family.

Can I change my 529 plan?

Federal tax law allows one tax-free rollover of any or all of your 529 accounts from your current 529 plan to a different 529 plan once in any 12-month period. You may get around the 12-month restriction by naming a different family member as the plan beneficiary of the 529 plan you are rolling into.

Can I transfer ownership of a 529 plan?

Most states allow a change in ownership of a 529 account. And unlike a change in beneficiary, there is usually no requirement that the new account owner have any particular relationship with the original account owner.

What is the difference between a 529 prepaid tuition plan and a 529 college savings plan?

529 College Savings Plans: Offer various investment options, such as mutual funds, which can increase in value over time based on market performance. Prepaid Tuition Plans: Do not involve market-based investments; instead, they lock in current tuition rates and guarantee coverage of future tuition costs.

Can you transfer 529 to another provider?

If youre moving funds from one 529 plan to another, its considered a rollover and can only be done tax-free once in a 12-month period.

Change of Tuition Plan Payment Option Form - College Savings 2025

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