Only the Purchaser: The person who establishes the Contract for a specified Beneficiary. There can only be one Purchaser for each Contract. The Purchaser is responsible for making payments in a timely manner and is the only person who may direct or receive refunds, or may direct rollovers, Contract changes, and changes in the designated Beneficiary except that the Contract may be cancelled or modified by the Plan. Friends and family who contribute to another person’s account are not the Purchaser and may not prevent, direct or receive refunds, and may not direct rollovers, contract changes, or changes in the designated Beneficiary. can make decisions regarding the account such as choosing the type of units and payment method, changing the Beneficiary, cancelling an account, requesting a refund or deciding when and how units are used. Additionally, only the Purchaser may direct Transfers and Rollover: A tax-free reinvestment from one qualified 529 Plan to another within a specific time frame. The time frame for a qualified rollover is usually 60 days provided that no other rollovers have occurred with respect to the Beneficiary within the prior 12 months. Please refer to the Plan Description for details regarding rolling into or out of the Plan.
Even though any individual or entity may make contributions to a Contract: A contract under which a person the Purchaser purchases from the Board on behalf of a Beneficiary one or more tuition unit(s) that the Beneficiary is entitled to apply to the payment of the Beneficiary’s undergraduate tuition and required fees at an Eligible Educational Institution. only the Purchaser: The person who establishes the Contract for a specified Beneficiary. There can only be one Purchaser for each Contract. The Purchaser is responsible for making payments in a timely manner and is the only person who may direct or receive refunds, or may direct rollovers, Contract changes, and changes in the designated Beneficiary except that the Contract may be cancelled or modified by the Plan. Friends and family who contribute to another person’s account are not the Purchaser and may not prevent, direct or receive refunds, and may not direct rollovers, contract changes, or changes in the designated Beneficiary. will receive confirmation of contract transactions.
Newly established contracts can be cancelled for a refund of the amount paid, minus the $25 administrative fee, at any time during the initial enrollment period of Sept. 1 through Feb. 28 (Feb. 29 in leap years)footnote. The $25 application fee is non-refundable.