Frequently asked questions about Smart Choice:
Can there be more than one account for the same beneficiary?
Yes. However, the aggregate balance of all accounts for a single beneficiary may not exceed $400,000.
Is the beneficiary required to attend a Colorado college?
No. You may use your funds at eligible public and private colleges, universities, trade and vocational schools across the country.
What if the beneficiary doesn’t go to college?
If the beneficiary decides not to attend college, you can name another beneficiary (certain restrictions apply; please see the Plan Disclosure Statement for complete information), or you can choose to leave the funds in the account for a time when he or she might decide to attend college. If you need your savings for another purpose, you can withdraw the funds; however, there are tax consequences for non-qualified withdrawals.
What higher education expenses are covered by the plan?
You can use your savings to pay for qualified expenses such as tuition, fees, certain room and board, required books and supplies, and certain computer equipment, software, and Internet access. Other withdrawals may be subject to federal and state taxes, as well as penalties.