Frequently Asked Questions

Florida Prepaid College Plan: Anyone who is at least 18 years old may purchase a plan. The beneficiary (student) or beneficiary's parent/guardian must have resided in Florida for the past 12 consecutive months prior to purchase. The beneficiary must be a child in the 11th grade or younger. The account owner and beneficiary must be U.S. citizens or resident aliens. The beneficiary must be born, before a plan can be purchased in his/her name. Businesses may purchase plans too.

Florida College Investment Plan: Anyone who is at least 18 years old may open an account. Florida residency is not required of the account owner or the beneficiary (student), but both must be U.S. citizens or resident aliens. You may open an account for a child or adult, including yourself. The beneficiary must be born, before a plan can be purchased in his/her name.

Florida Prepaid College Plan: You may choose among three tuition plans, and add plans covering local fees, dormitory housing and the tuition differential fee.

Florida College Investment Plan: You may use it to pay for any qualified higher education expense, including tuition, fees, room and board, books, supplies and equipment, required by the college or graduate school.

Florida Prepaid College Plan: You may use the plan at any of Florida’s 11 public universities or 28 community colleges (including the nine colleges granting baccalaureate degrees) and select technical schools. You may transfer the value of the plan (the same amount paid to a public college in Florida) to most private and out-of-state colleges. College admission or continued enrollment is not guaranteed.

Florida College Investment Plan: You may use the plan at most accredited public or private universities and colleges in the U.S., including graduate or professional schools. College admission or continued enrollment is not guaranteed.

Florida Prepaid College Plan: Earnings, when the plan is used for qualified higher education expenses, are exempt from federal income tax and State of Florida taxes. This is a 529 plan, a tax-free college savings plan under federal tax code. There are gift tax benefits too.

Florida College Investment Plan: Earnings on qualified withdrawals for higher education expenses are exempt from federal income tax and State of Florida taxes. This is a 529 plan, a tax-free college savings plan under federal tax code. There are gift tax benefits too.

Florida Prepaid College Plan: The price depends on the type of plan selected and the age/grade of the child at the time of plan purchase. You may make a lump-sum payment, or choose a five-year payment plan or monthly payment that will never increase. Your first payment is due in the month of April after you purchase a plan. There is a one-time nonrefundable $50 application fee, which is discounted if you also open or have an Investment Plan for the same beneficiary. There are no management fees, commissions or sales charges.

Florida College Investment Plan: To open an account, you make an initial deposit of at least $250 or a $25 per month automatic financial institution withdrawal. Afterwards, you decide how much and how often to contribute. There is a one-time nonrefundable $50 application fee, which is discounted if you also open or have a Prepaid Plan for the same beneficiary. There is a low annual administration fee of ¾ of one percent (75 basis points or 0.0075) of the account balance.

Florida Prepaid College Plan: The State of Florida financially guarantees the Florida Prepaid College Plan under Section 1009.98 (7) and (8) of the Florida Statutes, so you cannot lose your money.

Florida College Investment Plan: With the Florida College Investment Plan, investment returns will fluctuate and are not guaranteed. You decide how to invest your money from among the investment options available. The investment options have different levels of risk. You may select the investment option(s) with a level of risk that is comfortable for you.

Florida Prepaid College Plan: You may get a refund of the amount you paid for the plan at any time, for any reason. There is a cancellation fee of up to $50 if you cancel within two years.

Florida College Investment Plan: You may withdraw your contributions and earnings at any time, for any reason. Certain tax consequences may apply. For more information, refer to the Florida College Investment Plan Disclosure Statement. There is a $50 cancellation fee.

Florida Prepaid College Plan: You don’t have to worry about the stock market. The Florida Prepaid College Board makes the investment decisions.

Florida College Investment Plan: You may choose from any combination of five different investment options.

Florida Prepaid College Plan: You may prepay the cost of tuition, local fees, the tuition differential fee and dormitory housing for the fixed prices available when you purchase a plan. The plan guarantees it will cover those costs at a Florida public university or college, once your child is enrolled in college. Together, the plans for tuition, local fees and dormitory housing cover about half the total costs of sending a child to a public college in Florida, with the remaining costs including textbooks, food, transportation and miscellaneous fees.

Florida College Investment Plan: How much you save is up to you. You can contribute up to $349,000 per student (including your contributions to a Florida Prepaid College Plan, if you have one).

Florida Prepaid College Plan: If your child earns a scholarship, such as Florida’s Bright Futures, the best option may be using the full value of the Florida Prepaid College Plan as planned, transferring it semester by semester to the college – and the combination of scholarship and prepaid plan will cover more of the student’s college expenses. Or you may ask for a scholarship refund. Or you may transfer the prepaid plan to another family member. There is a 10-year period beyond a student’s projected college enrollment to use the prepaid plan. There is no time limit for using prepaid benefits if the beneficiary has been serving in the military.

Florida College Investment Plan: If your child earns a scholarship, the investment plan may be used for any qualified higher education expenses not covered by the scholarship. An investment account will not be terminated unless there have been no contributions or withdrawals for 25 years - and that time period can be extended upon request. The time a beneficiary spends on active military duty is not included in the 25-year limit. The account also may be transferred to another beneficiary.