Photocopies of the following documents will be acceptable proof of residency:
Anyone or any organization (such as a church or business) may purchase a contract for a qualified beneficiary (i.e. child who meets the Florida residency requirement). A person purchasing a contract is required by law to be a U.S. citizen or resident alien and be at least 18 years old.
No. The account owner is not required to be a resident of Florida and may be any individual, business, or organization.
No. The application provides space for one account owner and one survivor. Every account must have a person designated as the account owner; designation of a survivor is optional. The existence of a survivor does not create a joint account.
However, for all tuition plan accounts purchased on or after February 1, 2009, and any associated dormitory plan, local fee plan or tuition differential fee plan accounts, the approval of both account owner and survivor named on the application will be required to change the name of the account owner, survivor and beneficiary, request voluntary termination of the account, or request a refund if the account is involuntarily terminated. For tuition plan accounts purchased prior to February 1, 2009, and any associated dormitory plan, local fee plan and tuition differential fee plan accounts, the survivor enjoys the right of survivorship and only the approval of the account owner named on the application is required to change the account owner, survivor or beneficiary, request voluntary termination of the account, (if the account owner requests to voluntarily terminate such an account, the survivor is notified) or request a refund if the account is involuntarily terminated. Regardless of the date of purchase of a tuition plan account, refunds for cancellations or unused benefits are issued only to the account owner; not to either the survivor or beneficiary.
No. Due to restrictions on minors entering into contractual agreements, account owners must be at least 18 years of age.
No. An adult may not purchase a contract for him/herself because of the plan's age and grade limitations. There is no provision for adult education.
Yes. A prepaid contract may be purchased by anyone to give to a designated child. The contract must be purchased during the designated enrollment period and the recipient (beneficiary) must be a resident of Florida.
The Florida Prepaid College Plan is administered by the seven-member Florida Prepaid College Board. Members of the board include the Chief Financial Officer of Florida, the Attorney General of Florida, the Chancellor of the Board of Governors of the State University System of Florida, the Chancellor of the Division of Florida Colleges of the Florida Department of Education, or their designees, and three members appointed by the Governor and subject to confirmation by the Florida Senate.
The Florida Prepaid College Board invests its funds in a variety of investment vehicles. The Board has a comprehensive investment plan that is approved by the Governor, the Chief Financial Officer of Florida and the Attorney General of Florida. This plan, including the asset allocation guidelines and investment plans for each of the investment managers, forms the basis for the Board's investment strategy. Currently, most of the funds are invested in fixed income assets (mostly government-backed securities), with the balance split between large-cap growth equities, large-cap value equities, S&P 500 core equities and small cap equities. The Board reviews the performance of its investment managers on a quarterly basis. Any revisions to this plan must be approved by the Board and resubmitted to the Governor, Chief Financial Officer and Attorney General for their approval.
No. The Florida Prepaid College Plan does not create an individual savings account for each account owner. Rather, it oversees a trust fund that combines the contributions of all participants. However, the plan does maintain records of individual participants and their contributions for purposes of providing refunds, tax reporting, and administering the tuition, local fee, tuition differential fee and dormitory payments when the student enrolls in college.
The law may only be repealed if the Legislature makes a factual determination that the plan is financially infeasible. It should be noted that the plan has been actuarially sound since its inception and is projected to stay actuarially sound into the foreseeable future. While it is unlikely that the law establishing this plan will be repealed, all account owners of prepaid college contracts would receive the amount paid into the plan, plus interest at the rate prevailing on savings accounts offered by banks and savings and loan associations, if the plan was repealed. Also, all beneficiaries within five years of college enrollment will have their contracts fully honored.
Participants in the Florida Prepaid College Plan need not be concerned with interest rates or inflation. The tuition, local fee, tuition differential fee and dormitory guarantees will be honored no matter what happens to interest rates, inflation, or college tuition, local fee, tuition differential fee and dormitory costs.
Account owners' payments to the Florida Prepaid College Plan are exempt from forfeiture by section 222.22, Florida Statutes. This exemption may be recognized by a bankruptcy court if claimed by the debtor.
Annual enrollment for the Florida Prepaid College Plan is open mid-October through January 31. To receive today's plan prices, you must sign up during the enrollment period.
You may Sign Up Today online or you may Order An Enrollment Kit and application by mail.
Processing for completed applications takes approximately six to eight weeks. If you have not received confirmation of your application by that time, please call Customer Service at 1-800-552-GRAD (4723) to inquire about the status of your application. If an application is incomplete or lacks sufficient documentation to determine residency, we notify the applicant immediately. Please call Customer Service at 1-800-552-GRAD (4723) if you have any questions regarding such notification.
There are three ways to pay for your Florida Prepaid College Plan:
The monthly and five-year payment plans include an average effective interest rate of 3.88%. Participants signing up in future years may have payments which reflect a different rate. Once a contract is purchased, the designated payment amount will not change.
The document that describes the terms and conditions applicable to Prepaid Plans is the Master Covenant. The Prepaid Plan Master Covenant is posted on this site. A copy of the Master Covenant also is mailed each year to the account owner. You also will receive a personalized Participation and Payment Schedule confirming the plan and payment method you have chosen, after your application is accepted.
Yes, as long as the child has been a resident or full-time resident alien of Florida for the 12 months before the date of contract purchase. The year-long residency requirement does not apply to children younger than one year of age who are born in Florida. Also, children who are non-residents of Florida, but whose divorced parent is a resident of Florida, are eligible to have their Florida parent purchase a contract for them.
The child for whom the contract is purchased is called the beneficiary. The beneficiary must be under 21 years of age, and must not currently be enrolled in school beyond the 11th grade. The plan is not available to high school seniors.
Since legal residency is established through 12 continuous months of residence, children who are not eligible this year, but who continue to reside in Florida, will be eligible during the next enrollment year. Infants under one year of age who were born in Florida are considered residents.
Yes. The contract must have a named beneficiary.
Photocopies of the following documents will be acceptable proof of residency:
To open a Prepaid Plan, the beneficiary or the parent/guardian of the beneficiary must have been a Florida resident for the last 12 consecutive months. You MUST attach proof of Florida residency to your application.
A COPY of any ONE of the following documents will be accepted:
NOTE: Divorced parents who are Florida residents applying for their non-resident child must also submit a copy of the order of the dissolution of marriage or the beneficiary's birth certificate.
A social security or tax ID number for the account owner, the survivor and the beneficiary will be required at the time of application. Tuition cannot be paid without a valid social security number or tax identification number.
Yes. Children who are Florida residents attending an out-of-state school are eligible as long as they are under 21 years of age and enrolled in or below the eleventh grade. The account owner may supply, in lieu of a report card, residency documentation of a parent or legal guardian, such as a driver's license or voter registration card, or other documentation indicated above.
Children of families who maintain a residence in another state will be considered Florida residents if a parent or legal guardian supplies residency documentation which indicates that he or she has maintained a Florida residence for at least the last 12 months. A Florida driver's license issued at least one year ago is the best evidence of Florida residency.
A prospective account owner may request a "certificate of attendance" from the school. Most schools will provide this certificate readily. The certificate should indicate attendance during the previous school year. The account owner may also submit residency documentation of the parent or guardian such as a Florida driver's license or voter's registration card.
A beneficiary's change in residency, once the contract is purchased, does not affect the contract. The beneficiary will still be eligible to attend Florida state universities and community colleges as a resident for tuition purposes. The Florida Prepaid College Plan will pay tuition, the tuition differential fee, local fees or dormitory fees, depending on the type of plan(s) you purchase. No out-of-state fees will be charged to the prepaid beneficiary by the state university or community college.
Prepaid tuition plans, local fee and tuition differential fee plans are measured in credit hours.
Students attending part-time may use their prepaid tuition credit over a period as long as 10 years from the projected enrollment year indicated in the contract. Years in military service do not count toward the 10-year contract expiration period.
Dormitory contracts are measured in two-semester increments.
The Florida Prepaid College Plan tuition contract covers the registration fee at Florida state universities and community colleges which consists of the following categories:
The tuition differential fee covers the tuition differential fee at Florida’s state universities.
Local fee contracts cover fees that are imposed on individual Florida state university and community college campuses. These fees are charged in addition to the tuition charged by the state university or community college. Local fees consist of the following five fees:
Dormitory contracts cover the cost of a double-occupancy, air-conditioned room. Fall and Spring semester dormitory fees are covered. Summer dormitory fees are not covered because the schools charge significantly lower rates during the summer than those charged during the fall and spring semesters. By using their dormitory contracts in the summer, Prepaid beneficiaries would not receive the full benefit of their contract.
The Florida Prepaid College Plan will issue an identification card and other documentation to the beneficiary to present to the college at the time of class registration and fee payment. The college will then bill the program. The student will not need cash to pay the tuition, but will be responsible for all fees not covered by the plan.
Yes, the benefits of a tuition, tuition differential fee or local fee plan (i.e., payment of undergraduate tuition and local fees) may be applied toward a portion of the costs of graduate-level courses (graduate-level tuition and fees are typically more expensive than undergraduate tuition and local fees).
The contract is valid for 10 years from the beneficiary's projected enrollment date. As a result, if the student is held back a grade, or decides to wait a few years before enrolling in college, the contract benefits will be available when the beneficiary does enroll. The 10-year contract period will be extended for any time during which a beneficiary is enlisted in military service. The contract may be extended for another 10-year period upon Board approval. The Board may assess renewal fees at that time. Tuition, local fee, and dormitory benefits not extended prior to the 10-year expiration period will be forfeited.
The contract may be utilized up to three years prior to the projected enrollment date if the child graduates from high school early. The account owner must provide written notice to the program at least 180 days prior to the new matriculation date and bring the contract current at the time the date is advanced.
Time in military service will not count toward the regular expiration period of the contract. There is no limit to the amount of time a beneficiary may serve in the military without risking expiration of the contract.
A parent, who is a Florida resident but whose child's primary residence is with another parent outside of Florida, may purchase a plan for the child. The parent must also submit a copy of the order of the dissolution of marriage or the beneficiary's birth certificate.
A parent, who is not a Florida resident but whose child's primary residence is with another parent in Florida, may purchase a plan for the child. The parent must provide the appropriate residency documentation for the child, or the other parent in Florida.
A parent, who lives out of state and who provides the primary residence for his/her child who also lives out of state, cannot purchase a plan for that child, even if the other parent is a Florida resident. However, the non-custodial parent, who is a resident of Florida, may purchase a plan for the child.
Military personnel stationed outside Florida are considered Florida residents if their military orders indicate that Florida is their "home of record." A copy of this, or any military document showing Florida as their home of record, will be sufficient to establish residency.
Three options:
Florida Prepaid College Plan contracts are priced based on the plan chosen, the payment option chosen, and the age of the beneficiary at the time the contract is purchased. Costs for each plan and payment option are delineated in the Enrollment Kit and in the "Plan Prices" section of this site. The Florida Prepaid College Board evaluates the contract prices annually and determines whether the prices must be increased in order to meet the projected costs associated with the contracts. Although contract prices may increase for future account owners, the price established for a contract when it is purchased will not change, regardless of subsequent increases in tuition or fees.
The Florida Prepaid College Board approves the price structure for the various contract plans and payment options on an annual basis. The Board's decision is based on an actuarial analysis of the funds necessary to yield sufficient interest to meet the projected future cost of Florida state university or community college fees.
Many account owners enjoy the convenience of having their payments automatically transferred from their checking or savings accounts. In addition, many account owners enjoy the ease of making monthly payments through payroll deduction. Your payroll or personnel office can provide information about the availability of this benefit. Monthly payments may also be made through a coupon book.
The monthly and five-year payment plans include an average effective interest rate of 3.88%. Participants signing up in future years may have payments which reflect a different rate. Once a contract is purchased, the designated payment amount will not change.
Yes.
Yes. A bank or other financial institution may be willing to lend you money to make the lump-sum payment. You may then arrange payment terms with the financial institution that may be more flexible than those in the Prepaid Plan's installment payment plans. Interest on a loan secured by a home mortgage, used to finance the lump-sum payment, may be deductible for Federal income tax purposes, with certain restrictions. Detailed information regarding the tax consequences is available from your tax advisor. (Neither monies paid into the plan nor benefits accrued through the plan may be pledged for the purpose of securing a loan.)
Yes. Most financial institutions permit deductions from a checking or savings account for the Florida Prepaid College Plan through the Automated Clearinghouse (ACH). Many account owners find that monthly deductions from a bank or credit union account are the most convenient method of payment. You may consult your particular financial institution to see if it provides this service. Each account owner who selects an installment plan will be mailed an application to make payments through automatic deduction.
Yes. Many account owners find that monthly payroll deductions are the most convenient method of payment. Provisions have been made for employees of the State of Florida and other public and private employers to receive payroll deductions to participate in the Prepaid Plan. Your payroll or personnel department can provide more information about the availability of this benefit.
Since these plans are administered by individual employers, applicants should consult their employers.
The Board will issue only one coupon book to the account owner; however, anyone may make a payment to the account by sending the payment to us at P.O. Box 31088, Tampa, Florida 33631-3088. For posting purposes, the check must include the account number(s) for which payment is intended.
No. Participants wishing to finance a payment to the Florida Prepaid College Plan should consider making a full lump-sum payment or borrowing the amount they wish to finance from their financial institution.
Yes. Participants may call Customer Service at 1-800-552-GRAD (4723) to receive a payoff amount. There is no prepayment penalty.
Yes. A larger payment will not reduce the total payment amount you must make under the installment plan. It will merely allow you to pay off this total more quickly. It may also serve as a "cushion" if you are unable to make a payment in a future month. Only by requesting an early payoff of the entire amount will a "prepayment" result in a reduction of the total payments due on the installment plan.
No. Neither monies paid into the plan nor benefits accrued through the plan may be pledged for the purpose of securing a loan.
Please note:
The tuition differential fee plan covers the supplemental fee charged to a student for instruction provided by a Florida state university pursuant to Section 1009.24 (16) Florida Statutes.
The tuition differential fee plan supplements a 4-Year University Tuition Plan or 2+2 Tuition Plan; therefore, the tuition differential fee plan will be the same type as your tuition plan.
Please note:
Dormitory Plans cover the dormitory fees associated with residence in a double-occupancy, air-conditioned room on a state university campus. State universities may limit the dormitories eligible for prepaid coverage. The dormitory plans are available in one-year (two semesters) increments.
Please note:
Yes. For tuition plan accounts purchased on or after February 1, 2009, and any associated dormitory plan, local fee plan or tuition differential fee plan accounts, the notarized signature or the account owner and the survivor are required on a written request to change the beneficiary (student). For tuition plan accounts purchased prior to February 1, 2009, and any associated dormitory plan, local fee plan or tuition differential fee plan accounts, the account owner may change the beneficiary (student) on the account by submitting a written, notarized request signed by the account owner. Click here for the Change of Beneficiary Form.
A beneficiary change to a family member is a non-taxable event and is not subject to federal income tax or the additional 10 percent federal tax. The plan does not charge a fee to change the beneficiary. A family member is defined as a person related to the beneficiary as follows:
For this purpose a child includes a legally adopted child and a brother or sister includes a half-brother or a half-sister.
Note: The new beneficiary must meet the standard requirements for Florida residency and must be in the 11th grade or younger and under the age of 21. If the new beneficiary is over the age of 21, this contract change will require a special petition to the Florida Prepaid College Board. The special petition must be in writing, signed by the Purchaser.
If the account owner has an installment payment plan and the contract is transferred to an older sibling who enrolls in college prior to completion of the installment payments, the account owner must pay off the contract in order for the student to utilize the contract benefits.
Yes, as long as the new beneficiary does not have an active prepaid plan with benefits still available. The new beneficiary must also still meet standard residency requirements.
Click here to view the Beneficiary Change Form
There are at least two options. First, Prepaid Plan benefits are valid for 10 years after the beneficiary graduates from high school. Since many students who leave college at some point during their college career later decide to return, it may be a good idea to maintain the contract while the student sorts out his or her postsecondary options and tries to decide whether they will return to college. Second, if the beneficiary decides not to return to college, the contract may be cancelled and a refund requested for the unused portion of the contract. Refunds are available for the payments made to the plan for the unused portion of the contract, minus a cancellation fee of $50 or 50 percent of monies paid in, whichever is less, and any outstanding fees. (This cancellation fee is waived if the contract has been maintained for more than two years.)
A beneficiary's contract may be transferred to a "family member" of the original beneficiary. Please see "Account Owner Eligibility" for guidelines.
There are least three alternatives. First, the account can be maintained for later use by the beneficiary, since beneficiaries have 10 years from their projected postsecondary enrollment date to use the Plan benefits. If the beneficiary completes a diploma or its equivalent, the Plan is still available for postsecondary use. Second, the account may be cancelled and a refund may be requested of monies paid into the Florida Prepaid College Plan. Third, the contract may be transferred to a family member of the original beneficiary if he or she drops out of high school.
No. If, for any reason, a refund of the money paid into the plan is requested, that amount will be refunded in full, less a cancellation fee of $50 (waived for contracts held for more than two years) or 50 percent of the amount paid into the program, whichever is less.
No. If you hold a tuition contract and a local fee, a dormitory and/or a tuition differential fee contract, cancellation of the tuition contract will automatically cancel the dormitory, tuition differential fee and/or local fee contract.
Yes. A local fee, tuition differential fee and/or dormitory plan contract may be cancelled without canceling the tuition plan contract.
Yes. A cancellation fee of 50 percent of the monies paid into the plan or $50 (waived for contracts held for more than two years), whichever is less, will be assessed with each cancellation.
An account may be cancelled at any time. Refunds for cancelled accounts will be for the monies paid, less any outstanding fees and a cancellation fee of 50 percent of the monies paid into the plan or $50, whichever is less (waived if the contract is held for more than two years).
For tuition plan accounts purchased on or after February 1, 2009, and any associated dormitory plan, local fee plan or tuition differential fee plan accounts, a written, notarized request signed by both the account owner and survivor is required to voluntarily cancel an account and request a refund. For tuition plan accounts purchased prior to February 1, 2009, and any associated dormitory plan, local fee plan or tuition differential fee plan accounts, a written, notarized request signed by the account owner is required to voluntarily cancel an account and receive a refund. If the Board receives a cancellation request, a refund check will be mailed within 45 days. In either case, the refund will be made payable to the account owner.
No. A person may re-enter the plan during a subsequent enrollment period, but a new contract will be established. It is likely that contract costs will be higher at the time of re-entry than when the person purchased the original contract. For this reason, it is to the participant's advantage to remain in the plan.
Click here to view the Cancellation Form.
Please write the Florida Prepaid College Board at P.O. Box 6567, Tallahassee, Florida 32314-6567 to request a change of address. The request should include the account owner's signature.
Moving out-of-state does not affect the contract. The child may still enroll in a state university or community college in Florida as an in-state student for tuition purposes.
New account owners have until March 15, 2010 to make any contract changes. After that time, they must cancel their contract and purchase a new contract during subsequent open enrollment period. Once the beneficiary enrolls in college, the plan will automatically convert the tuition value of a university contract to the value of the community college contract for each semester the beneficiary enrolls in a community college. Similarly, the plan will automatically convert the tuition value of a community college contract to the value of the university contract for each semester the beneficiary enrolls in a state university. These conversions also apply to a corresponding local fee contract purchased in conjunction with a tuition contract but do not apply to a tuition differential fee plan when the beneficiary attends a community college.
Yes. The plan will automatically convert the full tuition value of the four-year university contract to the value of the community college contract for each semester the beneficiary enrolls in a community college. This conversion also applies to a local fee contract purchased in conjunction with a tuition contract.
Yes. The plan will automatically convert the full tuition value of the two-year community college or "2 + 2" plan for each semester the beneficiary enrolls in a four-year institution. This conversion also applies to a local fee contract purchased in conjunction with a tuition contract (but does not apply to a tuition differential fee plan). Because community college credits cost less than university credits, the student will be responsible for any remaining university credit hours needed to graduate.
The Florida Prepaid College Plan offers a group term life insurance on the life of the account owner, survivor and/or the student (beneficiary) through the Fidelity Security Life Insurance Company. Please call 1-800-552-GRAD (4723), prompt 4, for additional information.
If an uninsured account owner dies before the contract is paid in full, and if no provision has been made for contract payment, then the survivor or another individual will be required to make payments to maintain the contract. If no payments are received, the contract will be involuntarily terminated; a refund for the money paid into the plan is available.
The Florida Prepaid College Plan contract may be transferred to a member of the beneficiary’s family or a request to cancel the contract and receive a refund may be submitted. In the case of death or disability of the beneficiary, the cancellation fee will be waived, and the amount of the refund will be an amount not to exceed the current average rates at state postsecondary institutions.
For tuition plan accounts purchased on or after February 1, 2009, and any associated dormitory plan, local fee plan or tuition differential fee plan accounts, a written, notarized request signed by both the account owner and survivor is required to request the refund. For tuition plan accounts purchased prior to February 1, 2009, and any associated dormitory plan, local fee plan or tuition differential fee plan accounts, a written, notarized request signed by the account owner is required to receive the refund. In either case, the refund will be made payable to the account owner.
If the account's owner named a co-purchaser (i.e., the "survivor" on the application form), all rights of the account owner (including the right to cancel the account and receive a refund) pass to the survivor upon the account owner's death. If no co-purchaser was named by the account owner, the account is considered to be an asset of the account owner's probate estate and the account owner's rights may be exercised by the personal representative of the account owner's estate.
Please call Customer Service at 1-800-552-GRAD (4723).
Click here to view the Cancellation Form. For tuition plan accounts purchased on or after February 1, 2009, and any associated dormitory plan, local fee plan or tuition differential fee plan accounts, a written, notarized request signed by both the account owner and survivor is required to cancel the account. For tuition plan accounts purchased prior to February 1, 2009, and any associated dormitory plan, local fee plan or tuition differential fee plan accounts, a written, notarized request signed by the account owner is required to cancel the account. In either case, refunds for cancelled accounts are made payable only to the account owner.
Please call Customer Service at 1-800-552-GRAD (4723) to request a new coupon book. Until you receive the new coupon book, you may send payments to the Florida Prepaid College Board at P.O. Box 31088, Tampa, Florida 33631-3088. Please write the account number(s) on the check for which you are making payment.
Please call Customer Service at 1-800-552-GRAD (4723) to request a new ID card.
For security purposes, changes of address must be sent to the Florida Prepaid College Board at P.O. Box 6567, Tallahassee, Florida 32314-6567 to request a change of address. The request must include the account owner's signature.
Click here for the Account Owner Change Form. For tuition plan accounts purchased on or after February 1, 2009, and any associated dormitory plan, local fee plan or tuition differential fee plan accounts, a written, notarized request signed by both the account owner and survivor is required to change the account owner. For tuition plan accounts purchased prior to February 1, 2009, and any associated dormitory plan, local fee plan and tuition differential fee plan accounts, a written, notarized request signed by the account owner is required to change the account owner.
Click here to view the Beneficiary Change Form. For tuition plan accounts purchased on or after February 1, 2009, and any associated dormitory plan, local fee plan or tuition differential fee plan accounts, a written, notarized request signed by both the account owner and survivor is required to change the beneficiary. For tuition plan accounts purchased prior to February 1, 2009, and any associated dormitory plan, local fee plan and tuition differential fee plan accounts, a written, notarized request signed by the account owner is required to change the beneficiary. In either case, the request must include documentation that the substitute beneficiary meets the residency requirements for Program eligibility. Benefits may be transferred to a family member of the original beneficiary. Please see "Account Owner Eligibility" for guidelines.
Click here to view the Transfer Form.
Local fee, tuition differential fee and dormitory plans may only be added during the annual enrollment period for children currently in the eighth grade or younger. You may add a local fee, tuition differential fee and/or dormitory plan online.
Please call Customer Service at 1-800-552-GRAD (4723) to request a payoff balance.
Click here to view the Scholarship Refund Form. The request should include the scholarship award letter and the beneficiary's class schedule for that term. Scholarship refund requests must be submitted each term that the scholarship is awarded.
Please call Customer Service at 1-800-552-GRAD (4723).
Please call Customer Service at 1-800-552-GRAD (4723).
Monthly payments are due on the 20th of each month. A late fee of $10 is assessed for each payment received more than 15 days from the due date. The late fee will be charged for each month a payment is late.
An account is considered "delinquent" if a payment has not been received within 30 days of the due date. Account payments must be brought current within 180 days from the date of the notice of delinquency. If the payments are not brought current within 210 days of the original due date, the contract will be terminated.
Upon contract termination, a refund of the money paid into the Plan, minus a cancellation fee of $50 or 50 percent of the monies paid into the plan, whichever amount is less, and minus any outstanding late and non-sufficient fund fees is available. (The cancellation fee is waived if the account owner holds the contract for more than two years.) For tuition plan accounts purchased on or after February 1, 2009, and any associated dormitory plan, local fee plan or tuition differential fee plan accounts, a written, notarized request signed by both the account owner and survivor is required to request the refund. For tuition plan accounts purchased prior to February 1, 2009, and any associated dormitory plan, local fee plan and tuition differential fee plan accounts, a written, notarized request signed by the account owner is required to receive the refund. In either case, the refund will be made payable to the account owner.
You may call Customer Service at 1-800-552-GRAD (4723) to request a replacement coupon book. Payments may be sent to the Florida Prepaid College Board at P.O. Box 31088, Tampa, Florida 33631-3088. Checks sent without a coupon should identify the account number(s) for which payment is intended.
Anyone may contribute to a child's account. For posting purposes, the contributor should have the account number for which the payment is intended.
Account balances and payoff amounts can be obtained by accessing our Automated Information System or our Customer Service department by calling 1-800-552-GRAD (4723) and pressing prompt 2.
Yes. Please call Customer Service at 1-800-552-GRAD (4723) to request the necessary paperwork.
Please check with your payroll or personnel office to determine whether payroll deduction is available.
Please call Customer Service at 1-800-552-GRAD (4723) to establish payroll deduction accounts.
Yes. Please write the account numbers to which the payment applies on the check.
Please call Customer Service at 1-800-552-GRAD (4723).
Monthly payments are due on the 20th of each month. A late fee of $10 is assessed for each payment received more than 15 days from the due date. The late fee will be charged for each month a payment is late.
An account is considered "delinquent" if a payment has not been received within 30 days of the due date. Account payments must be brought current within 180 days from the date of the notice of delinquency. If the payments are not brought current within 210 days of the original due date, the contract will be terminated.
Upon contract termination, a refund of the money paid into the Plan, minus a cancellation fee of $50 or 50 percent of the monies paid into the plan, whichever amount is less, and minus any outstanding late and non-sufficient fund fees is available. (The cancellation fee is waived if the account owner holds the contract for more than two years.) For tuition plan accounts purchased on or after February 1, 2009, and any associated dormitory plan, local fee plan or tuition differential fee plan accounts, a written, notarized request signed by both the account owner and survivor is required to request the refund. For tuition plan accounts purchased prior to February 1, 2009, and any associated dormitory plan, local fee plan and tuition differential fee plan accounts, a written, notarized request signed by the account owner is required to receive the refund. In either case, the refund will be made payable to the account owner.
Local Fee Plans
Please note:
1. Local fee plans may only be purchased in conjunction with the corresponding tuition plan.
2. Local fee plans are only available for students in the eighth grade or younger.
Tuition Differential Fee Plans
Please note:
1. Tuition differential fee plans may only be purchased in conjunction with the corresponding tuition plan.
2. Tuition differential fee plans are only available for students enrolled in or below the eighth grade.
Dormitory Plans
Dormitory Plans cover the dormitory fees associated with residence in a double-occupancy, air-conditioned room on a state university campus. State universities may limit the dormitories eligible for prepaid coverage. The dormitory plans are available in one-year (two semesters) increments.
Please note:
1. Dormitory plans may only be purchased in conjunction with a four-year state university or 2 + 2 tuition plan.
2. Dormitory plans are only available for students enrolled in or below the eighth grade.
No. You may cancel the current contract and reapply for the preferred contract during a Program enrollment period. The new contract will be based on current contract prices, rather than the prices in effect when the original contract was purchased.
Yes. Please call Customer Service at 1-800-552-GRAD (4723) to discuss your options.
No. There are no provisions for a "split" purchase of a contract.
The tuition differential fee allows Florida state universities to raise revenue to improve the quality of undergraduate instruction and to increase the availability of financial aid. Each university will determine how the fee is used.
All of Florida’s state universities charge the tuition differential fee and provides that the sum of tuition and tuition differential fees may increase up to 15% annually until the sum of tuition and all fees assessed by state universities reach the national average of tuition and fees at public universities.
Newly enrolled undergraduates at all of Florida’s state universities must pay the fee, including students with Bright Futures scholarships. Newly enrolled students include freshmen and transfers.
Beneficiaries whose University Tuition or University plus Community College Tuition Plans were purchased as of January 31, 2007, are exempt from the tuition differential fee. The tuition differential fee also may be waived by the university for students who meet the eligibility standards of the Florida public student assistance grant.
During the 2009 session of the legislature, changes were made to the tuition differential fee statute. This legislation, Senate Bill 762, allowed all state universities to collect the tuition differential fee and provides that the sum of tuition and tuition differential fees may increase up to 15% annually until the sum of tuition and all fees assessed by state universities reach the national average of tuition and fees at public universities. Previously, the tuition differential fee could not exceed 40% of regular tuition. As a result, in the future, the tuition differential fee is anticipated to be equal to or greater than tuition by 2017 or 2018.
A separate Florida Prepaid College Plan to cover the required tuition differential fee is offered by the Florida Prepaid College Board. Families also can save for this additional expense with the Florida College Investment Plan, also offered by the Board. The College Investment Plan is a tax-free savings plan covering college expenses such as tuition, fees, books, room and board. However, unlike the guarantee attached to the Prepaid College Plan, the College Investment Plan carries with it the risks of investing.
Each state university in Florida has specified a set of double-occupancy, air-conditioned rooms that will be allocated to prepaid beneficiaries, subject to availability.
Students will receive a refund of their prepaid dormitory contract equal to the actual price of dormitory space at that time at the Florida state university that they are attending. The refund will be provided for two semesters so that it may be used to offset costs associated with off-campus housing.
No. A refund may be requested for the amount paid for the dormitory contract.
Yes, if the fraternity or sorority is university-held. The Plan will transfer the funds for dormitory contracts to any eligible university-held residence designated by the university. The amount transferred may not exceed the cost of university dormitory fees covered by the Plan at that university.
Yes. The Plan will transfer funds to either a community college that directly operates one or more dormitory residences or to the community college direct-support organization (DSO) that operates dormitory residences. The Plan may pay the fees charged by the community college or DSO or the maximum fees charged for state university dormitory residence, whichever is less.
Yes. The Florida Prepaid College Plan will transfer up to two years of prepaid dormitory expenses when a four-year, university plan is converted to a “2+2” plan. A refund is available for the amount paid for any additional years of the dormitory plan that have been prepaid.
Please see the Approved Dormitories.
Prepaid plan benefits may be used at any public or private out-of-state college or university that is an eligible educational institution under s. 529 of the Internal Revenue Code (i.e., the institution is eligible for federal student financial assistance).
Once a prepaid contract is issued, the eligibility has already been established. Section 1009.98(a)1 and (b)1, Florida Statutes, further specifies that prepaid students who move out-of-state may return to a state university or public community college in Florida as in-state students for tuition purposes.
Click here to view the Transfer Form.
Section 1009.98(3), Florida Statutes, specifies that funds transferred to eligible out-of-state institutions may not exceed the current fee rates in Florida's state universities.
There are two types of scholarships. One type of scholarship may be used solely for the purposes of paying for course registration. The second type of scholarship awards a fixed amount or an amount equal to or greater than the cost of fees. The latter type of scholarship may be used for any purpose.
If a student receives a scholarship that is not limited to the payment of registration fees, such as the Bright Futures Scholarship, there are three options:
If a student receives a scholarship that is limited to the payment of registration fees, there are two options:
As a result of the Deficit Reduction Act of 2005, 529 plans, such as the Florida Prepaid College Plan, will be treated as an asset of the account owner for federal aid purposes effective July 1, 2006. During their junior year in high school, students should contact the financial aid office of any college they plan to attend for more information on the precise impact of the Plan on need-based financial aid.
Bright Futures Scholarships and the Florida Prepaid College Plan complement one another.
There are three options if the account beneficiary is eligible for this scholarship:
All of Florida's 11 state universities and 28 community colleges, including the nine colleges that grant baccalaureate degrees, are participating in the Florida Prepaid College Plan. See Approved Colleges. The value of the tuition contract may also be transferred to a private college or university in Florida that is an eligible educational institution under s. 529 of the Internal Revenue Code (i.e., the institution is eligible for federal student financial assistance). See Approved Colleges.
If the beneficiary attends an out-of-state college, public or private, the Florida Prepaid College Plan will transfer an amount equaling the current rates paid to a public university in Florida. The out-of-state college must be an eligible educational institution under s. 529 of the Internal Revenue Code (i.e., the institution must be eligible for federal student financial assistance).
Click here to view the Transfer Form.
If the beneficiary attends a private college or university in Florida, the Florida Prepaid College Plan will transfer an amount equal to the value of the prepaid plan(s) at the time of college enrollment. The in-state private institution must be an eligible educational institution under s. 529 of the Internal Revenue Code (i.e., the institution must be eligible for federal student financial assistance).
Click here to view the Transfer Form.
Prepaid benefits are valid for 10 years after the beneficiary graduates from high school. Since many students do not enroll in college immediately after high school graduation, it may be a good idea to maintain the contract while the student sorts out his or her postsecondary options. If the beneficiary does not attend college, the contract may be cancelled and a refund requested. Refunds are available for the payments made to the plan minus a cancellation fee of $50 or 50 percent of monies paid in, whichever is less, and any outstanding fees. (This cancellation fee is waived if the contract has been maintained for more than two years.) The contract may also be transferred to a "family member" of the original beneficiary. Please see "Beneficiary Changes" for guidelines.
No. The purchase of a Florida Prepaid College Plan contract can not guarantee the beneficiary's admission to the state university of their choice. State universities have differing admission standards, depending on the number of spaces available for incoming freshmen and number of applications submitted for those spaces. All applicants to state universities compete with one another on the basis of high school grades and scores on the Scholastic Aptitude Test (SAT) or American College Test (ACT).
Every student who earns a high school diploma or the equivalent may enroll in a public community college. In addition, once the student earns an Associate of Arts (A.A.) degree, he or she may transfer to the State University System without having to take any additional basic studies courses (unless they are prerequisites to the major program of study).
No. Participants do not receive priority admission to their choice of state university.
The Florida Legislature has adopted policies to address state university enrollment. State universities are regarded as limited access institutions, compared to the open door policy that enables anyone with a high school diploma or the equivalent to enroll in a public community college. The Associate of Arts degree is automatically accepted for transfer to a state university, although the student may have to compete for admission for specific limited-access majors.
Prepaid tuition, local fees and tuition differential fees are measured in credit hours and may be used during any semester. Dormitory plans are not available for summer school because summer housing rates are significantly lower than the amount charged during the fall and spring semesters.
Earnings on qualified withdrawals are exempt from federal income tax and from State of Florida taxes. There are gift tax benefits, too.
To the extent that prepaid contracts exceed Federal limits on gifts, the contracts are subject to gift tax, but are allocable over a five-year period. For specific information regarding the gift tax consequences, please consult a professional tax consultant or certified public accountant.
No. Payments to the Florida Prepaid College Plan are not tax deductible.
Each state university has specified a set of double-occupancy, air-conditioned rooms that will be allocated to prepaid beneficiaries, subject to availability.
Students will receive a refund of their prepaid dormitory contract equal to the actual price of dormitory space at that time at the Florida state university that they are attending. The refund will be provided for two semesters so that it may be used to offset costs associated with off-campus housing.
No. A refund may be requested for the amount paid for the dormitory contract.
Yes, if the fraternity or sorority is university-held. The plan will transfer the funds for dormitory contracts to any eligible university-held residence designated by the university. The amount transferred may not exceed the cost of university dormitory fees covered by the plan at that university.
Yes. The Plan will transfer funds to either a community college that directly operates one or more dormitory residences or to the community college direct-support organization (DSO) that operates dormitory residences. The Plan may pay the fees charged by the community college or DSO or the maximum fees charged for state university dormitory residence, whichever is less.
Yes. The Florida Prepaid College Plan will transfer up to two years of prepaid dormitory expenses when a four-year, university plan is converted to a “2+2” plan. A refund is available for the amount paid for any additional years of the dormitory plan that have been prepaid.
First Time in College Letter - Dormitory: In October, Prepaid College Plan beneficiaries who are scheduled to start college in the Fall of the following year will receive information on how to use their dormitory benefits.
First Time in College Letter: In early February, Prepaid College Plan beneficiaries who are scheduled to start college in the Fall will receive a letter explaining what to expect as they begin the college enrollment process.
ID Card: In early February, Prepaid College Plan beneficiaries who are scheduled to start college in the Fall will receive a Prepaid College Plan identification card and a letter explaining what to expect as they begin the college enrollment process.
1099 Tax Form: In preparation for the tax season, a 1099 tax form will be mailed in late January to beneficiaries who have used their plan benefits during the calendar year. The form will also be mailed to account owners who have received a scholarship refund or reimbursement during the calendar year. Please contact your tax advisor for assistance in completing this form.
Usage Statement: In mid February, Prepaid College Plan account owners will receive a Usage Statement reflecting an updated status of all benefits paid out, as well as the remaining balances of each account, effective December 31 of the previous calendar year.
ID Card: In early February, Prepaid College Plan beneficiaries who are scheduled to start college in the Fall or have matriculated will receive a Prepaid College Plan identification card.
Please call Customer Service at 1-800-552-GRAD (4723) to request a new ID card.
All of Florida's 11 state universities and 28 community colleges (including the nine colleges granting baccalaureate degrees) are participating in the Florida Prepaid College Plan. The value of the tuition contract may also be transferred semester by semester to private in-state and out-of-state colleges that are eligible educational institutions under s. 529 of the Internal Revenue Code (i.e., the institution is eligible for federal student financial assistance). See Approved Colleges.
The contract may be utilized up to three years prior to the projected enrollment date if the child graduates from high school early. The account owner must provide written notice to the program at least 180 days prior to the new matriculation date and bring the contract current at the time the date is advanced. Please call Customer Service at 1-800-552-4723 to activate the matriculation process.
You need not do a thing. The account stays current for 10 years from the date of graduation and may be extended by written request. The 10-year period is extended by time spent in active-duty military service. Program benefit depletion will not begin until the Program is billed by a postsecondary institution.