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 bank withdrawal. Afterwards, you decide how much and how often to contribute. There is a one-time nonrefundable $50 application, 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.