We hope some of you experts can give us good advice. DS1 left behind three years of unused Prepaid. DS2 has his own Prepaid, but he won’t need it now because he is eligible for the Benequisto Scholarship. Nevertheless, DS2 is looking at med school, so he has a number of expensive years to go. So we are looking for suggestions for best utilizing the seven years of Prepaid. We’ve been told that we might be able to transfer DS1’s Prepaid to DS2, so we can use it before it expires. Is that true, and are there any issues about drawing on Prepaid while also getting a full scholarship?
I don’t have any insight but have heard of transfering it to grandchild so if come up to 10 year expiration and a child is in the picture, could be better than cashing out.
We did a 529, so I’m not familiar with the details around how FL Prepaid works.
Personally, I think that if you can get DS1’s money out you should give it to him when he graduates. He earned the scholarships that made the Prepaid funds unnecessary. Or pull the money out and put it into another type of investment so that it’s there for other things (such as med school or grad school).