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The Florida Prepaid College Plan Voluntary Cancellation Form is a crucial document for account owners who wish to discontinue their prepaid college plans. This form requires the notarized signatures of the account owner and, in some cases, the survivor if the plan includes coverage for Registration Fees and was purchased on or after February 1, 2009. Understanding the implications of cancellation is essential, as it involves specific fees and refund processes. When a plan is canceled, the account owner can expect a refund of total payments made, minus any applicable fees, including a potential cancellation fee if the plan has been held for less than two years. Timeliness is key; refunds are typically processed within 45 days, but any errors or incomplete information on the form can lead to delays. Additionally, if an address change is needed, a separate form must accompany the cancellation request. It’s important to remember that all signatures must be original and notarized, ensuring compliance with the requirements set forth by the Florida Prepaid College Board. For those who decide not to cancel, continuing monthly payments is the straightforward alternative. Should any questions arise during this process, assistance is readily available through customer service.
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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
Form Specifications
| Fact Name | Description |
|---|---|
| Cancellation Requirement | Cancelling a Florida Prepaid College Plan requires the notarized signature of the account owner. |
| Survivor Signature | If the plan includes coverage for Registration Fees and was purchased after February 1, 2009, the survivor's notarized signature is also required. |
| Refund Process | After cancellation, the account owner will receive a refund of total payments made, minus any applicable fees. |
| Cancellation Fee | A cancellation fee of up to $50 may be deducted if the plan was held for less than two years. |
| Refund Timing | Refunds are typically mailed within 45 days after the completed cancellation request is received. |
| Address Updates | To update the address during cancellation, a Change of Address Form must accompany the notarized cancellation form. |
| Signature Requirements | All signatures on the form must be original and notarized; photocopies or faxes will not be accepted. |
| Notary Responsibilities | The notary must complete, sign, and date the form, ensuring all names are printed correctly. |
| Contact Information | For questions, individuals can call 1-800-552-GRAD (4723) and press prompt 2 for assistance. |
| Governing Law | The Florida Prepaid College Plan operates under Florida Statutes Chapter 1009.98. |
Florida Prepaid College: Usage Guidelines
To proceed with the cancellation of a Florida Prepaid College Plan, it is essential to accurately complete the Voluntary Cancellation Form. This process requires the account owner's notarized signature, and in some cases, the survivor's notarized signature as well. Following these steps will help ensure that the form is filled out correctly and submitted without delay.
- Obtain the Florida Prepaid College Plan Voluntary Cancellation Form.
- Fill in the required customer information, including:
- Plan Number
- Account Owner Name
- Beneficiary Name
- Daytime Telephone Number
- Select one cancellation reason from the provided list.
- Sign the form in the designated area as the account owner.
- Find a notary public to notarize your signature. Ensure the notary:
- Completes and signs the form.
- Dates the form.
- Prints the names of the account owner and survivor (if applicable).
- Uses a separate notary stamp for each signature.
- Acknowledges all signatures individually.
- If applicable, have the survivor sign the form in the designated area.
- Ensure the survivor's signature is also notarized by following the same notary requirements.
- Review the completed form for accuracy and completeness.
- Return the completed and notarized form to:
- Florida Prepaid College Board
- P.O. Box 6567
- Tallahassee, FL 32314-6567
Your Questions, Answered
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 must be completed and submitted with notarized signatures from the account owner and, if applicable, the survivor. It's important to follow the guidelines to ensure a smooth cancellation process.
What do I need to provide to cancel my plan?
To cancel your plan, you need to fill out the cancellation form completely. This includes providing your plan number, account owner name, and beneficiary name. You also need to select a reason for cancellation. Most importantly, both the account owner and the survivor (if applicable) must sign the form in front of a notary public.
What happens after I submit the cancellation form?
Once you submit the completed and notarized form, the Florida Prepaid College Board will process your request. Refunds are typically mailed within 45 days of receiving the completed form. Keep in mind that the refund will go to the account owner and will be sent to the address on file.
Will I receive a full refund if I cancel my plan?
No, you will not receive a full refund. The total amount refunded will be the payments made minus any fees, including late fees. If your plan has been held for less than two years and includes coverage for Registration Fees, a cancellation fee of 50 percent of the total payments made, not exceeding $50, may also be deducted.
Can I change my address while canceling my plan?
Yes, you can change your address when canceling your plan. However, you must complete a Change of Address Form and submit it along with your notarized cancellation form. The account owner's signature is required on the address change form as well.
What if I make a mistake on the cancellation form?
If there are mistakes or if the form is incomplete, it may delay the cancellation process. It's essential to double-check all information and ensure that all signatures are original and properly notarized. Remember, faxed or photocopied signatures will not be accepted.
What should I do if I decide not to cancel my plan?
If you choose not to cancel your plan, you can simply ignore the cancellation form and continue making your monthly payments. There are alternatives to cancellation, and you can always reach out for more information if needed.
Common mistakes
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Neglecting Notarization: One common mistake is failing to have the signatures properly notarized. All signatures must be original and notarized; faxed or photocopied signatures will not be accepted. This oversight can lead to delays in processing the cancellation.
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Incomplete Forms: Submitting an incomplete form is another frequent error. If any required fields are left blank, it may stall the cancellation process. Ensure that all sections are filled out accurately.
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Incorrect Notary Procedures: Some individuals may not realize that the notary must properly complete and sign the form. This includes dating the document and printing the names of the account owner and survivor, if applicable. Failure to follow these procedures can result in rejection of the form.
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Address Update Issues: If an address update is needed, many forget to include the Change of Address Form with the cancellation request. This form must accompany the notarized cancellation form for the address change to be processed simultaneously.
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Missing Notary Stamps: Each signature requires a separate notary stamp, even if the same notary is used for both. Overlooking this requirement can lead to complications in the cancellation process.
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Choosing Incorrect Cancellation Reasons: Selecting an inappropriate reason for cancellation can also be a mistake. It is essential to choose a reason that accurately reflects the situation, as this information may be relevant for future communications or decisions regarding the plan.
Documents used along the form
The Florida Prepaid College Plan is a valuable resource for families looking to save for their children's higher education. When using the Florida Prepaid College form, several other documents may also be required or helpful in managing your plan effectively. Below are four important forms and documents often associated with the Florida Prepaid College Plan.
- Florida Prepaid College Plan Enrollment Form: This form is used to enroll in the Florida Prepaid College Plan. It collects essential information about the account owner and the beneficiary, including personal details and the type of plan being selected. Completing this form is the first step in securing a prepaid college education.
- Change of Address Form: If the account owner needs to update their address, this form must be submitted. It ensures that all correspondence and refund checks are sent to the correct location. The account owner’s signature is required, and it must be submitted alongside any other forms needing notarization.
- Transfer of Benefits Form: This document is utilized when the account owner wishes to transfer their prepaid college plan benefits to another eligible beneficiary. This form requires detailed information about both the original and new beneficiaries, ensuring a smooth transition of benefits.
- Refund Request Form: In cases where a refund is desired, this form must be completed. It outlines the reason for the refund request and provides the necessary information to process the refund efficiently. This form is particularly important for those who have canceled their plans and are seeking reimbursement.
Understanding these associated documents can help streamline the process of managing a Florida Prepaid College Plan. By ensuring that all forms are correctly completed and submitted, account owners can avoid delays and ensure that their educational savings are effectively managed.
Similar forms
The Florida Prepaid College Plan Voluntary Cancellation Form is similar to several other important documents. Each serves a specific purpose in managing educational funds or plans. Here’s a list of documents that share similarities:
- 529 Plan Withdrawal Form: Like the Florida Prepaid College Plan, this form allows account holders to withdraw funds for educational expenses. It often requires signatures and may involve penalties for early withdrawals.
- Tuition Refund Request: This document is used to request a refund of tuition fees when a student withdraws from a course or program. It typically requires proof of withdrawal and may have deadlines similar to those in the Florida Prepaid College Plan.
- Scholarship Acceptance Form: This form is used to accept scholarship funds for educational purposes. It usually requires signatures and may have conditions attached, much like the cancellation form.
- Loan Cancellation Form: Similar to the Florida Prepaid College Plan, this form is used to formally cancel a student loan. It requires the borrower’s signature and may involve a review of repayment terms.
- Change of Beneficiary Form: This document allows account holders to change the designated beneficiary of a college savings plan. It often requires notarized signatures, similar to the cancellation process.
- Transfer of Benefits Form: Used to transfer educational benefits to another plan or individual. This form also requires signatures and may involve specific eligibility criteria.
- Financial Hardship Withdrawal Form: This form allows individuals to withdraw funds from a college savings plan due to financial difficulties. It often requires documentation of hardship, similar to reasons for cancellation.
- Educational Savings Account (ESA) Withdrawal Form: Like the Florida Prepaid College Plan, this form is used to withdraw funds from an ESA for educational expenses, requiring signatures and adherence to specific rules.
- Notarized Consent Form: This document may be required for various educational transactions, necessitating notarized signatures to verify identity, similar to the requirements in the cancellation form.
Each of these documents plays a crucial role in managing educational funds and ensuring compliance with regulations. Understanding their similarities can help navigate the process more smoothly.
Dos and Don'ts
When filling out the Florida Prepaid College form, follow these guidelines to ensure a smooth process.
- Do provide original and notarized signatures. Faxed or photocopied signatures will not be accepted.
- Do ensure the notary properly completes and signs the form.
- Do include the date on the form, as required by the notary.
- Do print the names of the account owner and survivor in the appropriate sections.
- Do use a separate notary stamp for each signature, even if notarized by the same individual.
- Don't submit an incomplete or incorrectly filled form, as this can delay the cancellation process.
- Don't forget to include a Change of Address Form if you need to update your address along with the cancellation.
Following these steps will help ensure your cancellation request is processed without unnecessary delays.
Misconceptions
There are several misconceptions regarding the Florida Prepaid College Plan cancellation process. Understanding these can help account owners navigate the cancellation more effectively.
- Notarization is optional. Some people believe that notarization is not necessary for the cancellation form. However, the account owner's notarized signature is required, and for certain plans, the survivor's signature must also be notarized.
- Refunds are issued immediately. Many assume that refunds are processed right after cancellation. In reality, refunds are typically mailed within 45 days of receiving the completed cancellation request.
- All signatures can be faxed or copied. There is a common belief that faxed or photocopied notarized signatures are acceptable. This is incorrect; all signatures must be original and notarized.
- Cancellation fees do not apply if the plan is held for less than two years. Some individuals think that cancellation fees are waived entirely for plans held less than two years. In fact, a cancellation fee of up to $50 may still be deducted from the refund amount.
- Address updates can be made without additional forms. It is often assumed that updating the address can be done easily during the cancellation process. However, a Change of Address Form must accompany the cancellation form for the address to be updated.
Key takeaways
- Notarized Signatures Required: To cancel your Florida Prepaid College Plan, both the account owner's and, if applicable, the survivor's signatures must be notarized. This is crucial for the cancellation to be processed.
- Cancellation Fees: If your plan includes coverage for Registration Fees and has been held for less than two years, a cancellation fee of up to $50 may be deducted from your refund.
- Refund Process: After cancellation, expect to receive your refund within 45 days. The refund will be sent to the address on file, so ensure your contact information is current.
- Complete Forms Carefully: An incomplete or incorrectly filled form can delay your cancellation. Double-check all entries before submitting.
- Address Changes: If you need to update your address, include a Change of Address Form with your cancellation request. The account owner's signature is necessary for this update.
- Contact Information: If you have questions or need assistance, reach out to Florida Prepaid College Plan Customer Service at 1-800-552-GRAD (4723) and select prompt 2 for help.