You may use the value of your Florida 529 Savings Plan and all five Prepaid Plans at any approved educational institution nationwide. You get the most out of your Prepaid Plan when you use it at the Florida College or State University it was designed for.
When the time comes to use the funds in your 529 Savings Plan, all you have to do is submit a withdrawal request for the desired amount. You’re then free to use these tax-free earnings on any qualified educational expense wherever your child chooses to go to school. Whether it’s a lease on a new apartment, a stack of textbooks, a trip to the grocery store or countless other items—as long as it’s a qualified educational expense you’re in good shape.
And for added convenience, any amount you withdraw can be paid directly to a school, student (Beneficiary) or you (Account Owner). Just like you have been from the moment you started the plan, you’re in charge. That’s a nice feeling, isn’t it?
If your child is still considering where they’d like to go to school, take a look at the list of Florida schools designed for your specific plan. Don’t worry if your child decides to attend an out-of-state or private school, you can still use your benefits.
During your child’s senior year in high school, a First Time in College letter will be sent fully explaining the process for using Prepaid and/or University Dormitory Plan benefits. For the most part, using your benefits at a Florida College or State University is easy and funds are transferred automatically once you notify the school you have a Prepaid Plan.
If your child decides to attend an out-of-state or private school we transfer an amount equal to what would be paid to the Florida school your plan is designed for – you’re just responsible for the difference. If this is the case, you can choose to receive the full value of your plan all at once, or transfer the funds on a credit hour by credit hour basis. All you’ll need to do is fill out a Transfer Form.
Also, if your child decides on a State University or Florida College that your Florida Prepaid College Plan was not designed for, your plan benefits automatically convert. For example, if you have a 2 + 2 Florida Plan and your child would like to go directly to one of the 12 universities your plan will end up covering approximately three years of costs. Essentially, the two years at a Florida College translates into approximately the same value as one year at a State University. Specific amounts will vary based on the specific plan you have and the school your child attends
For details, please read the Master Contract, or contact Customer Service.