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Ask Dave

If Kid Decides No College, What Happens to College Money?

What happens to education savings if the child decides to not get an education?

QUESTION: Angela wants to know what she can do with her daughter’s ESA if her daughter decided not to go to college.

ANSWER: Your daughter has until age 30 to use the money in her ESA.  If she does not go to college, the money can be transferred to a sibling for the purposes of education.  Just remember that it is your money saved in the child’s name and you control it.