The Florida Prepaid College Plan Voluntary Cancellation Form allows account owners to officially cancel their prepaid college plans. To successfully complete the cancellation, both the account owner and, if applicable, the survivor must provide notarized signatures. For those considering cancellation, it's essential to understand the process and requirements, which can be found in detail below.
If you're ready to proceed with the cancellation, please fill out the form by clicking the button below.
The Florida Prepaid College Plan Voluntary Cancellation Form is an essential document for account owners who wish to terminate their prepaid college plan. To initiate the cancellation process, the account owner must provide a notarized signature, ensuring that all necessary legal requirements are met. For plans purchased after February 1, 2009, which include coverage for Registration Fees, the notarized signature of the survivor is also required. This form outlines the conditions under which a cancellation can occur, including various reasons such as financial hardship or changes in the beneficiary's college plans. Once the cancellation is processed, the account owner can expect a refund of the total payments made, minus any applicable fees, including a potential cancellation fee if the plan has been held for less than two years. The refund will be mailed to the address on file, typically within 45 days of receiving the completed cancellation request. It's crucial to ensure that the form is filled out correctly, as any mistakes can lead to delays. The form also emphasizes the importance of original, notarized signatures and provides guidance on how to update personal information if needed. If you decide to keep your plan, you can simply ignore this form and continue making your payments.
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 1-800-552-GRAD (4723) and press prompt 2.
Sincerely,
Customer Service
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 re-enroll later
___ Beneficiary will not attend/complete college
___ Beneficiary received a Bright Futures scholarship
___ Choosing a different college investment
___ Beneficiary will attend an out-of-state or private Florida college
___ 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
SURVIVOR’S SIGNATURE-REQUIRED – For plans purchased on or after February 1, 2009, that include coverage for Registration Fees, and any associated supplemental plan(s).
(PRINT SURVIVOR’S NAME)
Return the completed and notarized form to: Florida Prepaid College Board, P.O. Box 6567, Tallahassee, FL 32314-6567
Filling out the Florida Prepaid College Plan Voluntary Cancellation Form is a straightforward process, but it requires attention to detail to ensure everything is completed correctly. This will help avoid delays in processing your cancellation request. Here’s how to fill out the form step by step:
After submitting the form, you can expect a refund of your total payments, minus any applicable fees, within 45 days. If you have questions during this process, don’t hesitate to reach out for assistance.
What is required to cancel a Florida Prepaid College Plan?
To cancel a Florida Prepaid College Plan, the account owner must provide a notarized signature on the cancellation form. If the plan was purchased on or after February 1, 2009, and includes coverage for Registration Fees, the survivor’s notarized signature is also necessary. It is essential to ensure that all signatures are original and properly notarized, as faxed or photocopied signatures will not be accepted.
What happens to the payments made if I cancel my plan?
Upon cancellation of your Florida Prepaid College Plan, you will receive a refund of the total payments made, minus any applicable fees, including late fees. However, if your plan includes coverage for Registration Fees and has been held for less than two years, a cancellation fee of 50 percent of the total payments made, not exceeding $50, may be deducted from your refund. Refunds are typically processed and mailed to the account owner's address within 45 days of receiving the completed cancellation request.
How can I update my address when canceling my plan?
If you need to update your address while canceling your plan, you must complete a Change of Address Form, which can be downloaded from the Florida Prepaid College website. This form must accompany the notarized cancellation form. The account owner’s signature is required to make the address change. It is important to ensure that the address on file is current, as the refund will be mailed to that address.
What should I do if I have questions or need assistance?
If you have any questions or concerns regarding the cancellation process or need assistance with the forms, you can reach out to the Florida Prepaid College Plan Customer Service by calling 1-800-552-GRAD (4723) and pressing prompt 2. They are available to help you navigate the cancellation process and address any issues you may encounter.
Filling out the Florida Prepaid College Plan Voluntary Cancellation Form can be a straightforward process, but many individuals make common mistakes that can lead to delays or complications. One prevalent error is failing to provide original and notarized signatures. All signatures must be authentic; photocopies or faxes are not acceptable. When the notary does not properly complete their section, the form may be rejected, prolonging the cancellation process.
Another frequent mistake involves neglecting to ensure that the notary has dated the form. A missing date can lead to confusion about when the cancellation was authorized. Additionally, the notary must print the names of both the account owner and the survivor in the designated areas. Omitting this information can result in further delays, as the form will not meet the necessary requirements for processing.
People also often overlook the need for a separate notary stamp for each signature. Even if one notary is handling both signatures, each must be acknowledged individually. This requirement is crucial; failure to comply can lead to the entire cancellation request being deemed invalid. It’s essential to double-check that each signature has been acknowledged properly.
Finally, many individuals forget to include a Change of Address Form when updating their address alongside the cancellation request. If an address update is needed, the cancellation form cannot be processed until the appropriate documentation is provided. To avoid delays, ensure that all forms are submitted together and that all required information is complete. Taking these steps can help ensure a smooth cancellation process for the Florida Prepaid College Plan.
When dealing with the Florida Prepaid College Plan, several other forms and documents may be necessary to ensure a smooth process. Each of these documents serves a specific purpose, helping to manage the account and any changes that may arise. Below is a list of commonly used forms along with brief descriptions of their functions.
Each of these forms plays a crucial role in managing a Florida Prepaid College Plan. Ensuring that all paperwork is completed accurately can help avoid delays and complications. If you have any questions about these forms or the process, reaching out to customer service can provide clarity and assistance.
The Florida Prepaid College Plan Voluntary Cancellation Form shares similarities with several other important documents that involve financial decisions or account management. Here’s a look at five such documents:
When filling out the Florida Prepaid College form, it’s important to follow specific guidelines to ensure a smooth cancellation process. Here’s a list of things you should and shouldn’t do:
Following these steps can help avoid delays and ensure your cancellation request is processed efficiently.
Misconceptions about the Florida Prepaid College Plan Voluntary Cancellation Form can lead to confusion and potential issues during the cancellation process. Below are some common misconceptions and clarifications regarding the form:
When considering the Florida Prepaid College Plan Voluntary Cancellation Form, several important points should be noted to ensure a smooth cancellation process. Here are key takeaways: