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The Florida Prepaid College Plan Voluntary Cancellation Form serves as a crucial document for account owners wishing to cancel their prepaid college plans. This process necessitates the notarized signature of the account owner, and for certain plans purchased after February 1, 2009, the signature of a survivor may also be required. The form outlines specific cancellation reasons, ranging from financial hardship to the beneficiary receiving a Bright Futures scholarship. Upon cancellation, account owners can expect a refund of their total payments, minus applicable fees, which may include a cancellation fee if the plan has been held for less than two years. Timeliness is essential; refunds are typically issued within 45 days after the completed request is received. However, any errors or incomplete submissions can lead to delays. Additionally, if an address change is necessary, it must be processed alongside the cancellation request, requiring a separate Change of Address Form. It is important to note that all signatures must be original and notarized, with specific requirements for the notary's acknowledgment. For those who choose not to cancel, continuing monthly payments remains an option. Overall, understanding the nuances of this form is vital for ensuring a smooth cancellation process.
Form Example
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
Document Breakdown
| Fact Name | Details |
|---|---|
| Notarized Signature Requirement | The account owner must provide a notarized signature to cancel the plan. |
| Additional Signature for Certain Plans | For plans purchased after February 1, 2009, a survivor's notarized signature is also required if the plan includes Registration Fees. |
| Cancellation Fee | A cancellation fee of 50% of total payments made, up to $50, may apply if the plan has been held for less than two years. |
| Refund Process | Refunds are issued to the account owner, typically within 45 days of receiving the completed cancellation request. |
| Address Updates | To update the address during cancellation, a Change of Address Form must accompany the notarized cancellation form. |
| Signature Validity | All signatures must be original and notarized; photocopies or faxes will not be accepted. |
| Governing Law | The Florida Prepaid College Plan is governed by Florida Statutes Chapter 1009.98. |
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