Who is eligible to open a NextGen account?
Any resident of the U.S. can set up a NextGen Account, regardless of income or state of residence. Contributors to NextGen Accounts are referred to as “participants.” Eligible participants include parents, grandparents, other relatives, and family friends. The student for whose benefit the account is established is called the “beneficiary.” There are currently no age limits on NextGen beneficiaries.
Any U.S. resident can open a NextGen account, regardless of income or state of residence. The individual who is named as the “participant” on the NextGen account application is considered the account owner. Eligible account owners include parents, grandparents, other relatives, and even family friends. The student for whose benefit the account is established is called the “beneficiary.” Minors may not own a NextGen account. The plan does not permit joint ownership of accounts and only one designated beneficiary can be named per account . There are no age limits or relationship requirements when naming a NextGen account beneficiary. There are no limits on the number of accounts that can be owned by the same individual or for the same beneficiary.
