Six great surprises about Florida Prepaid Plans
Florida Prepaid has been a trusted name among Florida parents for more than 30 years, having helped more than 1.1 million customers save for college! But for as well-known as Florida Prepaid Plans are, not everyone is aware of some neat features that underscore how portable, flexible and safe the plans are for your children and grandchildren. Here are six Prepaid Plan features that might just surprise you:
Did you know that any student earning an associate’s degree from a Florida college is guaranteed admission to a state university?
- You can use it somewhere else. Our plans are designed for use at a Florida college or state university, but your child may grow up to have other ideas or opportunities. And that’s OK: The plans can be used at in-state, out-of-state, public or private schools around the country — even the world. With your Florida Prepaid Plan, the value we pay to other schools is the same as we would have paid to a Florida public college or university.
- If you move out of state, your child can return to use Florida Prepaid. While Florida residency is required to purchase a Florida Prepaid Plan, it is not required to keep one. If you or your student move out of state, your plan will continue as if you never left. Your child will be considered an in-state resident for tuition purposes because they have a Florida Prepaid Plan.
- Your child will have 10 years to use their plan. Your student has 10 years from their projected college enrollment date (the year they are expected to graduate high school) to use their plan benefits. For example, if you purchase a plan for a newborn you are able to lock in the costs covered by a Florida Prepaid Plan for the next 28 years (i.e., 18 years until they can start college plus 10 years after that to finish college).
- You can transfer your plan to another child. If the original student does not use their Florida Prepaid Plan benefits, you may request a refund or transfer the benefits to a sibling, step-sibling or other qualified family member. The new student must be a resident of Florida and must be able to use the plan within the original 10-year benefit period.
- Leftover funds can go toward graduate school. Let’s say your child receives a scholarship and doesn’t use all of the plan benefits for undergraduate education. You could get a refund, or you can apply the value of your plan toward graduate-level courses within the same 10-year period.
- You can use your plan at a trade or technical school. We have had students use their Prepaid Plans to become dental hygienists, cosmetologists and chefs. We will gladly transfer the value of the plan purchased to pay costs at any eligible educational institution, and again the value we pay to other schools is the same as we would have paid to a Florida public college or university.
Florida Prepaid is about ensuring Florida families have access to affordable post-secondary education, expanding educational choices and opportunities. We hope you feel even more confident that Florida Prepaid will help your child meet their potential!