Florida 529
Savings Plan

The Florida 529 Savings Plan offers you the ultimate in flexibility. Simply choose from our investment options, then contribute as much and as often as you’d like to suit your budget and goals. Each investment option, such as our popular age-based option that automatically allocates contributions based on the age of the child, is independently run by professional investment managers.

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What’s Included

The funds in your Florida 529 Savings Plan can be used for any qualified higher educational expense, including tuition, room & board, textbooks, graduate school and much more. This gives you extreme flexibility to use the funds as you see fit, for whatever your child may need. And should those needs change during his/her college years, you’re free to adjust as well.

The Florida 529 Savings Plan can now also be used for certain K-12 expenses.

Why this Plan?

There are two primary advantages to a Florida 529 Savings Plan.
First, you can start any time and save for any amount of time. Even if you can’t save for your child’s entire college education, starting something is always better than doing nothing.
Second, the 11 investment options let you invest in any way you feel comfortable. From more aggressive to more conservative options, and with age-based and fully customized approaches, you have as much control as you want over how much you invest and where it’s invested. And as the years go by, you’re free to change contribution amounts and how they are allocated at any time.

Enrollment Checklist

  • Check out our College Cost Calculator to get a better idea of how much to save for college. You can increase or decrease your monthly contribution at any time.
  • Review our Investment Options, Investment Managers and Performance.
  • Select the Portfolio Options and Fund Options that works best for you. Remember, the choices you make today are not final. You can change your investment option allocations for new contributions as often as you like and once a year for previous contributions and earnings.
  • Be sure you have read the Program Description and Participation Agreement.
  • Have your and the child’s Social Security Numbers available. If you would like to set up an automatic contribution, you will also need your bank account information.
  • Consulting a financial planner or tax advisor is always recommended before investing.

How can a Prepaid Plan and a Savings Plan work together?

Prepaid Plans and Savings Plans work well together. For example, you could use a Prepaid Plan to cover up to four years of tuition, and fees and a Savings Plan to pay for books, a computer, and room and board. If you don’t want to use a Prepaid Plan to save for all four years of tuition and fees, you could purchase a 2-Year Florida College Plan or one or more 1-Year Florida University Plans and also open a Savings Plan.

How often can I change my investment allocation?

You may change your investment allocation for new contributions at any time, but the existing balance may be reallocated only twice per calendar year.

How and where can the child/adult use the funds from the plan tax-free?

Funds may be used tax-free to pay for any qualified higher education expense, such as tuition, fees, books, room and board, etc. at schools nationwide.

Do I have to be a Florida resident to open a Florida 529 Savings Plan?

No, Florida residency is not required.  Anyone who is 18 years or older and a U.S. citizen or resident alien may open a Florida 529 Savings Plan at any time for a child or adult, regardless of age, who is a U.S. citizen or resident alien.

What happens if the child/adult graduates early or didn't use all the funds?

Remaining funds in the Florida 529 Savings Plan can be used for graduate courses, transferred to an eligible family member of the child, or refunded to the Account Owner.

How much does it cost?

The Florida 529 Savings Plan is an investment plan, so you can choose how much and how often you contribute. There is no minimum contribution to get started and you can change your contribution amount as often as you like.

When can a Florida 529 Savings Plan be opened?

A Florida 529 Savings Plan account can be opened at any time. Grandparents, friends or family members can open an account or contribute to an existing one.

Are my investments guaranteed?

The Florida 529 Savings Plan is not insured or guaranteed. Investment returns will vary depending on the performance of the investment options you choose.

How involved do I need to be with managing my investment?

As much or as little as you like. The Portfolio Options provide a predesigned, diversified allocation structure that is professionally managed for you. Or you can decide to set different allocations based on your goals and comfortable risk level by combining the Portfolio and Fund Options, or choosing only a Fund Option.

Can I use funds from my Florida 529 Savings Plan toward my child’s K-12 education?

The Tax Cuts and Jobs Act of 2017 expanded the definition of qualified higher education expenses, under Section 529 of the Internal Revenue Code, to include expenses for tuition and mandatory fees associated with enrollment or attendance at an elementary or secondary public, private, or religious school. Such expenses are limited to $10,000, in the aggregate, from all 529 plans for the student. The new law applies to any withdrawal or expense after January 1, 2018.

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