Plan Usage – Prepaid Plans

If the student does not use their Prepaid Plan benefits, you may transfer the benefits to another qualified family member or you may request a refund. Your refund will be equal to the payments that you have made, less any fees and refunds.

No, Prepaid Plans can be used at schools nationwide. Although Prepaid Plans are designed to be used at a Florida College or State University, the plan value can also be used at other schools, including in-state, out-of-state, public or private schools around the country – or even the world. The value we pay to other schools is the same as we will pay to a Florida school. For example, if we pay $200 per credit hour to a Florida public university the semester your child attends college, then we would pay the same $200 per credit hour to an out-of-state or private school. Any cost difference would be the student’s responsibility.

No, it is the responsibility of each student to qualify for admission to the school of their choice. However, Florida law does guarantee admission to a State University after a student receives an associate’s degree from a Florida College.

Prepaid Plans work great alongside scholarships, including Florida Bright Futures, to cover even more college expenses. Alternatively, you can hold the Prepaid Plan and save it for graduate school, or request a scholarship refund for what we would have paid out on your plan. You can even transfer Prepaid Plans to another family member.

Prepaid Plans may be used during any academic semester, including summer terms, beginning in the summer of the student’s projected college enrollment year (generally, the year they are expected to graduate high school).

If your student graduates from high school early, please let us know. We can modify your plan to allow for early usage. If you wish to use your plan early, please contact us approximately six months prior to college enrollment.

Your student has 10 years from their projected college enrollment date (generally, 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 Prepaid Plan for the next 28 years (i.e., 18 years until they can start college, plus 10 years after that to finish college).

If a student does not use all of the plan benefits for undergraduate education, the plan value can be applied toward graduate-level courses within the same 10-year period. You may also transfer the benefits to another qualified family member, or you may request a refund for the remaining value.

Payments to a public Florida College or State University are automatic. The school will bill Florida Prepaid directly each semester for the tuition and fees covered by your plan. Payment is issued by Florida Prepaid directly to the school.

Students planning to attend a private or out-of-state institution must complete a School Authorization request before plan benefits will be paid. The School Authorization includes additional details about how these schools are paid. Log in to your account at myfloridaprepaid.com to complete a School Authorization Request.

If your student attends a private or out-of-state school, please submit a School Authorization request.

1. Log in to your online account.
2. Go to the Student’s Prepaid Plan page and select Use Plans.
3. Click the Authorize School button.
4. On the Authorize School page, verify the Prepaid Plan you wish to authorize and select the school the student will attend.
5. Choose the payment method that best fits your circumstances.

Once you have completed the School Authorization, the school will invoice Florida Prepaid directly.

You will be responsible for any difference in the cost of tuition and fees beyond what your Prepaid Plan will cover.

Even though Prepaid Plans were designed for Florida schools, the value we pay to other schools (out-of-state, private, trade, etc.) is the same as what we will pay to a Florida school when your child attends college.

When Florida school rates are available in late August, then Florida Prepaid will know the benefit amount that can be paid per credit hour from your plan to the school of your choice.

The value of a Prepaid Plan may be used at schools nationwide.

A college plan can be used at a university and a university plan can be used at a college – we just prorate the value in each situation when your Plan is used at a Florida public school.

As an example, benefits available under a 2-Year Florida College Plan or a 4-Year Florida College Plan can be paid to a State University.

Note, Florida College Plan benefits paid to a State University will deplete the plan at a faster rate because the cost per credit hour at a State University is generally higher than the cost of a credit hour at a Florida College. The student will be responsible for any difference not covered by their plan.

Also, Prepaid Plan benefits can be used at any eligible private or out-of-state institution. The amount paid will be based on the Plan type. The Plan will pay the same amount as it would pay a public college or university in Florida.

Yes. The value we will pay to trade, technical and graduate programs is the same as we will pay to a Florida public college or university.

Students planning to attend a private or out-of-state institution must complete a School Authorization request before plan benefits will be paid. The School Authorization includes additional details about how these schools are paid. Log in to your account at myfloridaprepaid.com to complete a School Authorization request.

Yes. A Form 1099-Q will be provided in January of each year to students who have used their Prepaid Plan during the previous calendar year. In addition, a Form 1099-Q will be provided to an Account Owner who has received a scholarship refund or reimbursement during the previous year. Tax documents will be available in your online account at myfloridaprepaid.com and mailed based on your delivery preferences.

For specific tax information, please consult an investment adviser or certified public accountant.