If a student does not attend a participating college or university, you have three options:
You can wait and see if the student's plans change. Certificates are valid for six years after the maturity year.
You can transfer the role of Beneficiary to another student within the family.
You can cash out the funds. The owner will receive the funds that were invested in the plan plus interest calculated at the Consumer Price Index (CPI). There are no federal or Massachusetts tax consequences associated with cash-outs, but if you live outside Massachusetts, please consult the laws of your state of residence.