If my beneficiary decides not to go to school or doesn't use all of their savings, what do I do with the leftover funds?

Excess funds in your Embark account can be transferred, saved, or withdrawn.

If you have another family member with an Embark account, you can transfer the extra funds to them penalty-free.

You can hold onto the funds for future educational expenses by another beneficiary — or even yourself.

If your beneficiary receives a scholarship, you can withdraw up to the amount of the scholarship from your account without a penalty or additional tax. However, you will have to pay income tax on the earnings.

You can save the unused funds for retirement by rolling them over into a Roth IRA for the beneficiary.

You can also withdraw the funds as a non-qualified withdrawal. However, the earnings portion (not the amount you contributed) will most likely be subject to federal income tax, as well as an additional 10% federal penalty tax.