The following is a list of general FAQs related to all plans offered by the Florida Prepaid College Board. Visit Savings vs. Prepaid to see a side-by-side comparison of the Florida 529 Savings Plan and Florida Prepaid College Plans.
Q: Where can I find more information on lower prices, refunds and payment reductions resulting from new legislation?
A: At this time, all information relating to lower prices, refunds and payment reductions is available at www.myfloridaprepaid.com/lower-prices.
Q: Is admission to a Florida College or State University guaranteed?
A: No. It is the responsibility of each child to qualify for admission to the college or university of his/her choice. However, Florida law guarantees admission to a State University after a student receives an associate’s degree from a Florida College. The 2 + 2 Florida Plan is designed for students interested in this undergraduate path.
Q: What happens if I move out of Florida after opening a plan?
A: Moving out of Florida does not affect the benefits of either plan. This is especially significant for children with Florida Prepaid College Plans because they will still be eligible for in-state tuition and fees when they attend a Florida College or State University with their plans.
Q: Can a child have more than one account?
A: A child may have multiple Florida 529 Savings Plan accounts opened by family and friends, but may have only one Florida Prepaid College Plan account.
Q: Can two people open an account jointly?
A: No. Each Florida 529 Savings Plan or Florida Prepaid College Plan must have a single Account Owner assigned. A second person can be added, but only as a Survivor for the account. Anyone can make payments or contributions towards an account.
Q: Can I have a Florida 529 Savings Plan AND a Florida Prepaid College Plan?
A: Absolutely. The plans work well together. For example, a Florida 529 Savings Plan could be used to pay for books, a computer, room & board, and other qualified higher education expenses while the Florida Prepaid College Plan pays tuition and most fees at a Florida College or State University.
Q. Can I use a 2-year Florida College Plan, 4-year Florida College Plan, or 2 + 2 Florida Plan at a State University?
A. Yes. While each of these plans is designed for use at a Florida College, the amount covered by the plan can also be applied to a State University—or other schools nationwide.
Q: Can a Florida 529 Savings Plan and a Florida Prepaid College Plan be used at a graduate or professional school?
A: Yes. A Florida 529 Savings Plan may be used to pay for qualified higher education expenses at a graduate or professional school. Also, while Florida Prepaid College Plans are designed to cover Tuition and most fees for undergraduate courses at a Florida College or State University, this amount can also be applied to graduate or professional schools nationwide.
Q: Can a Florida 529 Savings Plan and a Florida Prepaid College Plan be used in the summer semesters?
A: Yes, both plans can be used for any term during the academic year.
Q: What if the child enters college earlier or later than expected?
A: A Florida 529 Savings Plan can be used at any time. If the child will use a Florida Prepaid College Plan before the projected enrollment year selected on the application, the Account Owner must notify the Board 180 days prior to the new enrollment date and pay any revised amounts for the plan. If using the Florida Prepaid College Plan later, the child has up to 10 years from the projected enrollment year selected on the application.
Q. When are the contributions/payments due?
A. The Florida 529 Savings Plan allows you to contribute as much as you like, as often as you’d like to the account, so there are no set dates. The first payment date for Florida Prepaid College Plans is April 20, 2014. For monthly and 5-year plans, payments continue the 20th of each subsequent month until the plan is paid in full.
Q. How do I make my monthly payment?
A. You have multiple options to make a payment or contribution. You can:
Q: Can I make a down payment to reduce my monthly costs?
A: We do not have an option for a down payment. However, you may choose to pay more than the amount of your monthly payment in order to pay your Prepaid Plan off sooner.
Q: Is there a pre-payment penalty?
A: Absolutely not! There is no penalty for choosing to pay your Prepaid Plan off sooner.
Q. Is there anything else I should know?
Q: What are the special circumstances at Florida Polytechnic University?
A: Florida Polytechnic University, though part of the State University System, is currently not considered an eligible educational institution as defined in s. 529 of the Internal Revenue Code. Therefore, benefits of the Florida Prepaid College Plan cannot be applied to Florida Polytechnic University at this time. However, Florida Polytechnic University has developed a bridge program to assist students with Florida Prepaid Plans that attend Florida Polytechnic University. For more information on the bridge program contact Florida Polytechnic University at 800.585.POLY or go to www.floridapolytechnic.org/prepaid. NOTE: Withdrawals of Florida 529 Savings Plan benefits used at Florida Polytechnic University prior to it becoming an eligible educational institution may be subject to tax and/or penalties as described in s. 529 of the Internal Revenue Code.