Using Your Funds For Educational Expenses

Can I use the funds for any kinds of cost? Does it have to be tuition?

              

A:

Your College Kids account is a Children’s Savings Account (CSA) and strict rules apply to these programs. All savings are dedicated to postsecondary education after high school. This includes tuition for college, community college, or other kinds of training programs. It can also be used for books and other education-related expenses during the senior year of high school, such as ACT prep classes or college application fees.

What will happen to the account if my child doesn't go to college?

                

A:

Traditional four-year colleges are great places but may not be right for your child when the time comes. College Kids funds can be used toward other kinds of post-secondary education including community colleges, vocational and technical training programs.

Deposits made by individuals (participants, family members, etc.) are considered “Non-Program Funds” and may be accessed by the participant when the beneficiary is 21 years old. At that time, if students have Non-Program funds in their accounts and are unable to be reached in order to gain responsibility for the funds, remaining balances will be turned over to Missouri’s Unclaimed Property Division. Unused Program funds (such as the initial $50 deposit and any Bonuses & Rewards earned) will be returned to the Program for other students to access.

Can I transfer the account to a different family member if the funds go unused?

               

A:

No. Unfortunately, the funds deposited under your child’s name by you, family members or others outside of the College Kids Program, are irrevocable and non-transferable.

Can I use College Kids funds outside of the United States?

                   

A:

Current banking rules do not allow College Kids funds to be used outside of the United States.

If something happens to my child, who is the beneficiary?

         

A:

In that event, once College Kids is contacted by the parent or legal guardian and provided with the required information to withdraw their child from the program, all Non-Program contributions made for the benefit of the student will be sent by mail to the address on record.


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