An "education IRA" is a tax-advantaged investment account for higher education, now more formally known as a Coverdell Education Savings Account (ESA).
Despite the "IRA" name, an ESA is not an IRA when it comes to distributions (and other rules). That is, being over 59-1/2 does not get you out of the 10% penalty. The penalty applies, since it will be a non-qualified distribution (it was not used for educational expenses of the beneficiary).
Another option is to change the beneficiary to another grandchild. For full rules, see
https://fairmark.com/kids-and-college/coverdell-accounts/changing-the-beneficiary/
In particular, note that the beneficiary's siblings and first cousins (your other grandchildren) are qualified persons for a beneficiary change. They must be under 30 years of age, for an ESA beneficiary change.
