Frequently Asked Questions Select a Category: Make A Selection General Prepaid Withdrawals Tax Ownership Investment Choosing a Plan Beneficiaries Coverdell Show All General 3. If my child decides to go into the military and does not go to college, what becomes of the money in the account?       As the account owner you have several choices: you may leave the money in the account for the original beneficiary to use in case he/she decides to pursue college at a later time; OR you may change the beneficiary to another person as long as the new beneficiary is a member of the family of the original beneficiary; OR you may withdraw funds from the account, understanding that there will be a penalty and that earnings will be taxed at your tax rate.   1. What is a 529 plan? 2. Can I set up an account for myself to go back to school when I retire? 4. I already have some money invested in stocks can I move the stock into a 529 account? 5. Where can my child use the 529 funds? What if she wants to go to a foreign university? 6. Can I use the money that I have deposited in my child's 529 account as collateral for a loan? 7. How much do I need to save for my child’s college expenses? Still Need Help? Ask An Expert Do you want guidance in selecting a 529 plan?  Click the Contact Us button below and speak to a live advisor, or drop us an email and we will be pleased to assist you. If you are a do-it-yourself person, click the Professor for his assistance in sorting and ranking plans or click on the National Map to locate a specific state's 529 program.
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