Can I transfer my Florida Prepaid College Plan to a sibling?

I heard that you might be able to transfer a Florida Prepaid College Plan to a sibling. How does this process work, and are there any fees or restrictions I should know about?

Yes, you can indeed transfer a Florida Prepaid College Plan to a sibling, provided that the sibling meets the eligibility requirements dictated by the plan. Here's how it generally works:

1. The sibling who is the potential recipient must also be a Florida resident.

2. You need to ensure the sibling is within the proper age limits to use the plan. It's important to note that if the plan is transferred, the new beneficiary must use all prepaid benefits within ten years after his or her projected college enrollment year.

In terms of fees, as of the latest updates, there currently are no explicit fees associated with transferring the beneficiaries within the same family. But you'll need to check the Florida Prepaid College Plan's official rules and regulations for any updates or changes.

There are restrictions to consider. The new beneficiary must be a sibling of the original one, and that is defined quite narrowly: only brothers, sisters, stepbrothers, or stepsisters. Cousins, nieces/nephews and other relations do not qualify.

To start the process, you should contact Florida Prepaid directly. They will be able to guide you step by step and answer any additional questions you might have about the transfer process. Just remember, it is always better to ensure the intended recipient will be able to utilize the plan in its entirety to avoid any waste of educational resources.