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The Florida Prepaid College Plan Voluntary Cancellation Form serves as an essential tool for account owners wishing to cancel their prepaid college plans. This form requires the account owner's notarized signature, and in cases where plans purchased after February 1, 2009, include coverage for Registration Fees, the survivor's notarized signature is also necessary. The cancellation process involves several steps, including providing a reason for cancellation, which can range from financial hardship to the beneficiary receiving a Bright Futures scholarship. Once the plan is cancelled, the account owner can expect a refund of total payments made, minus any applicable fees, such as a cancellation fee if the plan has been held for less than two years. Refunds are typically mailed within 45 days of receiving the completed form, but any errors or incomplete information can delay this process. Additionally, if an address change is needed, a separate Change of Address Form must be submitted alongside the cancellation request. It is crucial to ensure that all signatures are original and properly notarized, as photocopies or faxed signatures will not be accepted. For those who choose to maintain their plans, no action is required. If questions arise during this process, assistance is available by calling customer service.
Documents used along the form
When dealing with the Florida Prepaid College Plan, several other documents may be required or helpful in conjunction with the cancellation process. Understanding these documents can streamline the process and ensure compliance with all necessary requirements.
- Change of Address Form: This form is necessary if the account owner needs to update their address. It must be completed and submitted alongside the cancellation form to ensure that the refund is sent to the correct address.
- Florida Prepaid College Plan Enrollment Form: This document is used to enroll in the Florida Prepaid College Plan initially. It contains essential information about the account owner and the beneficiary and is required for setting up the plan.
- Scholarship Verification Form: If the beneficiary has received a scholarship, this form may be required to verify the scholarship details. It helps in determining eligibility for cancellation or adjustments to the plan.
- Beneficiary Information Update Form: This form is used to update any changes regarding the beneficiary's status or information. It is crucial for maintaining accurate records and ensuring that all communications are directed appropriately.
Having these documents ready can facilitate a smoother cancellation process for the Florida Prepaid College Plan. Ensure that all forms are completed accurately to avoid delays.
Similar forms
The Florida Prepaid College Plan Voluntary Cancellation Form shares similarities with the 529 College Savings Plan. Both documents serve to manage funds designated for educational expenses. The 529 plan allows account holders to withdraw funds for qualified educational costs, while the Florida Prepaid College Plan provides a mechanism to cancel a prepaid plan and receive a refund. Each requires specific documentation and notarization to ensure the authenticity of the account owner's request, emphasizing the importance of safeguarding the financial interests of the beneficiaries.
Another document akin to the Florida Prepaid College Plan is the Coverdell Education Savings Account (ESA) form. Like the Florida Prepaid Plan, the Coverdell ESA allows for tax-advantaged savings specifically for educational purposes. Both forms require careful completion to ensure compliance with regulations and to facilitate the withdrawal or cancellation process. Account holders must also provide documentation that verifies their identity, ensuring that funds are used appropriately for educational expenses.
The Uniform Transfers to Minors Act (UTMA) form also bears resemblance to the Florida Prepaid College Plan form. Both documents are designed to manage assets on behalf of a minor until they reach adulthood. The UTMA allows for the transfer of assets, which can include funds for education, similar to how the Florida Prepaid Plan manages prepaid tuition. Each requires a clear understanding of the beneficiary's future needs and the implications of withdrawing or canceling the account.
The Custodial Account Agreement is another document that parallels the Florida Prepaid College Plan. This agreement governs the management of funds set aside for a minor's education. Like the Florida Prepaid Plan, it mandates that any changes, including withdrawals or cancellations, be executed with proper documentation and verification. Both documents ensure that the funds are used in the best interest of the minor, safeguarding their educational future.
The FAFSA (Free Application for Federal Student Aid) form also shares common ground with the Florida Prepaid College Plan. While the FAFSA is used to determine eligibility for financial aid, it requires detailed information about the student's financial situation and educational plans. Similarly, the Florida Prepaid Plan requires account holders to provide specific reasons for cancellation, reflecting the importance of understanding the financial landscape surrounding education funding.
The Student Loan Cancellation Form resembles the Florida Prepaid College Plan in that both documents involve the termination of financial commitments related to education. The Student Loan Cancellation Form outlines the process for borrowers to cancel their loans under certain conditions, just as the Florida Prepaid Plan provides a structured process for account owners wishing to cancel their prepaid plans. Both forms ensure that the necessary steps are taken to protect the interests of all parties involved.
The Tuition Refund Request form is another document that aligns with the Florida Prepaid College Plan. This form is typically used by students or parents to request a refund of tuition fees after withdrawal from a course or program. Similar to the cancellation process of the Florida Prepaid Plan, this request requires specific information and may involve deadlines and conditions that need to be met for the refund to be processed.
The Education Loan Application Form is comparable to the Florida Prepaid College Plan in that both documents are integral to managing educational financing. While the Education Loan Application is used to secure funds for college expenses, the Florida Prepaid Plan allows individuals to cancel their prepaid plans. Both require careful attention to detail and adherence to guidelines to ensure that the funds are allocated appropriately for educational purposes.
Lastly, the Scholarship Acceptance Form mirrors the Florida Prepaid College Plan in its focus on educational funding. When a student accepts a scholarship, they often must complete a form that outlines their acceptance and any conditions attached to the scholarship. Similarly, the Florida Prepaid College Plan requires account owners to acknowledge their decision to cancel, ensuring that they understand the implications for their educational funding. Both forms play crucial roles in the financial planning associated with higher education.
Obtain Answers on Florida Prepaid College
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What is the Florida Prepaid College Plan Voluntary Cancellation Form?
The Florida Prepaid College Plan Voluntary Cancellation Form is a document that allows account owners to officially cancel their prepaid college plan. This form requires the account owner's notarized signature and, for certain plans purchased after February 1, 2009, the notarized signature of the survivor as well.
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What are the requirements for canceling my plan?
To cancel your Florida Prepaid College Plan, you must complete the cancellation form and have it notarized. If your plan includes coverage for Registration Fees and was purchased after February 1, 2009, the survivor's notarized signature is also required. All signatures must be original; faxed or photocopied signatures will not be accepted.
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What happens to my payments after I cancel?
Upon cancellation, you will receive a refund of the total payments made, minus any fees, including late fees. If your plan has been held for less than two years, a cancellation fee of up to $50 may be deducted. Refunds are typically mailed to the account owner's address within 45 days of receiving the completed cancellation request.
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How can I update my address while canceling my plan?
If you need to update your address, you must complete a Change of Address Form, which can be downloaded from the Florida Prepaid College website. This form must accompany your notarized cancellation form. The account owner's signature is required for the address change.
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What if I change my mind and do not want to cancel my plan?
If you decide not to cancel your plan, you can simply ignore the cancellation form and continue making your monthly payments as usual. There is no need to take any further action.
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What should I do if my cancellation form is incomplete?
An incomplete or incorrectly filled-out form can delay the cancellation process. It is crucial to ensure that all sections are filled out accurately and that all required signatures are included and properly notarized.
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How do I contact customer service for assistance?
If you have questions or concerns regarding the cancellation process or your plan, you can reach the Florida Prepaid College Plan Customer Service by calling 1-800-552-GRAD (4723) and selecting prompt 2 for assistance.
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What reasons can I select for canceling my plan?
When filling out the cancellation form, you will need to select a reason for your cancellation. Options include financial hardship, plans to re-enroll later, the beneficiary not attending college, receiving a Bright Futures scholarship, and several others. Choose the option that best fits your situation.
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Where do I send my completed cancellation form?
Once you have completed and notarized your cancellation form, send it to the Florida Prepaid College Board at P.O. Box 6567, Tallahassee, FL 32314-6567. Make sure to keep a copy for your records.
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Florida Prepaid College Plan
Voluntary Cancellation Form
Cancellation of a Florida Prepaid College Plan requires the account owner’s notarized signature and, for plans purchased on or after February 1, 2009, that include coverage for Registration Fees, and any associated supplemental plan(s), the survivor’s
notarized signature. For more information, see the Master Covenant at www.myfloridaprepaid.com.
Once the plan has been cancelled, the account owner will receive a refund of the total payments made minus all fees, including late fees owed at the time of cancellation. A cancellation fee of 50 percent of the total payments made, not to exceed $50, may also be deducted from the refund amount if the plan that includes coverage for Registration Fees has been held for less than two years from the first payment due date.
Refunds are made payable only to the account owner and are usually mailed within 45 days of receipt of the completed cancellation request. An incomplete or incorrectly completed form may delay the cancellation process.
The refund will be mailed to the address on file. If an update is required, a Change of Address Form may be downloaded from www.myfloridaprepaid.com/Forms. The Account Owner’s signature is required to change the address on an account.
In order for the address update to be made with the cancellation, the Change of Address form must accompany this notarized form.
Please remember:
All signatures must be original and notarized. Faxed or photocopied notarized signatures will not be accepted.
The notary must properly complete and sign the form.
The notary must date the form.
The notary must print the names of the account owner and survivor (if applicable) in the appropriate section.
A separate notary stamp is required for each signature even if the same individual notarizes both signatures.
All signatures must be individually acknowledged by a notary.
If you decide not to cancel your plan, simply disregard this form and continue your monthly payments. If you have any questions or concerns, please call
Sincerely,
Florida Prepaid College Plan
Customer Service
Florida Prepaid College Plan
Voluntary Cancellation Form
Customer Information:
Plan Number: ___ ___ ___ ___ ___ ___ ___ ___ ___ ___
Account Owner Name: ___________________________________
Beneficiary Name:__________________________________
Daytime Telephone Number:
Please use this form to cancel a Florida Prepaid College Plan.
Please select ONE of the following cancellation reasons:
___ Financial hardship |
___ Plan to |
___ Beneficiary will not attend/complete college |
___ Beneficiary received a Bright Futures scholarship |
___ Choosing a different college investment |
___ Beneficiary will attend an |
___ Expectations of the plan not met |
___ Death or disability of the beneficiary |
___ Beneficiary not going to live in a dormitory |
___ Beneficiary has graduated, does not need the remaining benefits |
___ Dormitory space not available |
___ Cancel and transfer payments to plan #: __________________ |
___ Beneficiary received a scholarship |
___ Other: _______________________________________________ |
I (We) have been advised of the alternatives besides cancellation and authorize the Florida Prepaid College Board to cancel the above referenced plan(s):
ACCOUNT OWNER
X_______________________________________
ACCOUNT OWNER’S SIGNATURE – REQUIRED
State of _______, County of ______________________________
The foregoing instrument was acknowledged before me
This _________ day of __________________, 20____
by ____________________________________________________
(PRINT ACCOUNT OWNER’S NAME)
who is (select one): ___Personally known, OR ___Produced identification
Type of Identification:________________________________________
State of:___________________________________________________
X________________________________________
SIGNATURE OF NOTARY – REQUIRED
Notary Stamp
SURVIVOR
X_______________________________________
SURVIVOR’S
State of _______, County of ______________________________
The foregoing instrument was acknowledged before me
This _________ day of __________________, 20____
by ____________________________________________________
(PRINT SURVIVOR’S NAME)
who is (select one): ___Personally known, OR ___Produced identification
Type of Identification:________________________________________
State of:___________________________________________________
X________________________________________
SIGNATURE OF NOTARY – REQUIRED
Notary Stamp
Return the completed and notarized form to: Florida Prepaid College Board, P.O. Box 6567, Tallahassee, FL
Dos and Don'ts
When filling out the Florida Prepaid College form, it’s essential to follow certain guidelines to ensure a smooth cancellation process. Here’s a list of things you should and shouldn’t do:
- Do provide original signatures that are notarized.
- Do ensure that the notary properly completes and signs the form.
- Do include the date on the notarized form.
- Do print the names of the account owner and survivor in the appropriate sections.
- Do use a separate notary stamp for each signature.
- Don’t submit faxed or photocopied notarized signatures.
- Don’t leave any sections of the form incomplete.
- Don’t forget to include a Change of Address Form if you need to update your address.
- Don’t assume that the cancellation will be processed without all required signatures.
- Don’t ignore the cancellation fee that may apply if the plan has been held for less than two years.
By adhering to these guidelines, you can help ensure that your cancellation request is processed efficiently and without unnecessary delays.