Enrollment FAQs

Prepaid Plan:

The account owner does not have to live in Florida to purchase a Florida Prepaid College Plan, but the beneficiary (student) or the parent/guardian of the beneficiary must have been a Florida resident for the last 12 consecutive months.  You must submit proof of Florida residency with your application.

Savings Plan:

The account owner and the beneficiary may live in any state.

Prepaid Plan and Savings Plan:

Each account must have one person who is designated as the account owner; a second person may be designated the survivor for any account. Anyone may make contributions to an account. All changes of the account owner, survivor or beneficiary, termination of an account and requests for refunds must be authorized jointly by the account owner and survivor, for all Prepaid Plan accounts (including any corresponding dormitory account) and 529 Savings Plan accounts, established on or after February 1, 2009. A different account owner and a different survivor may be listed on a Florida Prepaid College Plan and on a Florida 529 Savings Plan for the same beneficiary (student).

Prepaid Plan:

The Prepaid Plan and any associated dormitory plan for the same child must have the same owner.

Savings Plan:

Different account owners may open separate accounts for the same child.  For example, a parent and a grandparent may both open separate Florida 529 Savings Plan accounts for the same beneficiary.

Prepaid Plan:

The beneficiary may use their Florida Prepaid College Plan benefits at any private or out-of-state college or technical school that is an eligible educational institution by simply completing a transfer form.  The Board will transfer an amount that is equal to the average rates payable to Florida state universities and colleges in Florida under your beneficiary’s plan.

Savings Plan:

The funds in a Florida 529 Savings Plan may be used at any private or out-of-state colleges and universities that are eligible educational institutions.

Prepaid Plan:

The Florida Prepaid dormitory plan covers payment for a standard, double-occupancy, air-conditioned dormitory room at a state university.  The Plan may be applied to other university-held housing, including some fraternity and sorority housing.  Not all dorms are offered.  Private dorms are not covered.  Rooms are assigned on a first-come, first-serve basis, so there is no guarantee that the student will receive a room assignment.  If the student applies for housing but does not get a room assignment, the account owner may request an unavailable dormitory refund.  The Florida Prepaid dormitory plan cannot be used for summer terms, and does not cover meal plans or other food expenses. 

Savings Plan:

The student must be enrolled at least half-time at a qualified college or university for room and board to be considered a qualified expense.  For students living off campus, the qualified room and board amount is the cost of attendance allowance for federal financial aid purposes at the college of choice.  For students living on campus, the qualified room and board amount is the actual amount charged by the college.

Prepaid Plan:

If your child earns a scholarship, such as Florida Bright Futures, you still can use the full value of the Florida Prepaid College Plan. The combination of the scholarship and the Prepaid Plan may cover more fully the student's college expenses. Your alternatives are to request a scholarship refund or transfer the Prepaid Plan to another family member. The expected matriculation year of the new beneficiary must fall within or before the original beneficiary's benefits period. The original beneficiary has 10 years from the projected college enrollment year to use the plan benefits. An extension of benefits may be requested one year before expiration; however, the Florida Prepaid College Board does not guarantee approval of an extension request. Factors the Florida Prepaid College Board considers include, but are not limited to, the time spent by a beneficiary as an active duty member of the U.S. Armed Services, prior extensions, recent plan usage, and medical hardships.

Savings Plan:

If your child earns a scholarship, the 529 Savings Plan may be used for other qualified higher education expenses not covered by the scholarship.  A savings 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.  

Prepaid Plan and Savings Plan:

No. The Plans do not guarantee admission to any college or university.

Prepaid Plan:

You may transfer the Florida Prepaid College Plan to another qualified family member who meets the Florida residency requirements at the time of substitution. The expected matriculation year of the new beneficiary must fall within or before the original beneficiary’s benefits period. You may be required to make a supplemental payment if the projected matriculation year of the new beneficiary is more than three years before or after the projected college enrollment year of the original beneficiary. You may also cancel the plan and receive a refund. The Board will assess a cancellation fee of up to $50.00 if you have had your plan for less than two (2) years.

Savings Plan:

You may transfer the Florida 529 Savings Plan to another qualified family member, or you may cancel the Plan and withdraw all of the money in the account.  There is a $50 cancellation fee, and certain tax consequences may apply.  For more information, refer to the Florida 529 Savings Plan Disclosure Statement and Participation Agreement. 

Savings Plan:

Passive management is the opposite of active management. Passive management is a style of investment management where a fund or portfolio mirrors a market index and does not use individual judgment to make investment decisions. Active management is a style of investment management where a portfolio manager relies on their own informed judgment and experience to decide on which securities to buy, hold or sell.