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Florida Prepaid Harder to Cancel Under Rule Change

10:58 AM, Mar 4, 2009   |    comments
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BOCA RATON, FL (AP) -- The state's Prepaid Tuition Program could be harder to cancel under a new rule change proposed by a South Florida politician.

Democratic Sen. Ted Deutch has asked officials with the program to make the changes after a Boca Raton woman complained that her ex-husband cashed out the plan against her will. Their son was left without money for college. The ex-husband was listed as the primary holder of the plan.

Plans purchased after Feb. 1 will require both the purchaser and any listed survivor to agree to cash out the plan before the child goes to college. Anyone who wants sole control of the plan can also choose not to list a survivor.

Prepaid college plans allow parents and others to lock in today's prices for college for a child to attend in the future.

 

Associated Press

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