The Florida Prepaid College Program has been around for 25 years and, while over 1 million Floridians have benefited from our plans, there are still myths and misconceptions about our plans and how to use them. To help families and students better understand their plans, here are some common myths and the facts behind them:
Myth: I can’t use my prepaid plan at an out-of-state or private college.
Facts: Not true! It is true that prepaid plans are designed to be used at Florida Colleges or State Universities, however, the value of the plans can be used at other schools nationwide. Whether you pick a public, private, in-state or out-of-state school we’ll pay the same as we’d pay a Florida School.
Myth: If I get a scholarship I can’t use my prepaid plan.
Facts: False! Prepaid plans can work along with any scholarships you earn to make sure as much of your educational costs are covered as possible. For example, if you qualify for Bright Futures, in most cases, your scholarship will be applied then funds from your Prepaid Plan will be applied. You can use the remaining funds for other school costs, like books. You can also receive a refund equal to what would have been paid to the school.
Myth: To use my prepaid plan I have to go to college right after I graduate.
Facts: Again, totally false. Your Prepaid Plan is good for 10 years after the projected year of enrollment included in your prepaid application. So you want to take a year off to work? Or maybe you want to backpack through Europe? Go for it! Just come back this decade.
Myth: If I buy a prepaid plan for a Florida College and my student decides to go to a State University I lose my investment (or vice versa).
Facts: Absolutely not! If your student decides to go to a State University and the plan you bought was designed to be used at a Florida College (or vice versa) you can most definitely still use your plan! Your plan benefits will automatically convert. For example, if you have a 2 + 2 Florida Plan and you decide to go to a State University your plan will end up covering around three years of costs, since two years at a Florida College is about the same value as one year at a State University.
Hopefully this list of busted myths will help clear up some of the misinformation about our plans. If any of these hard truths surprised you, make sure to spread the word! You’re probably not the only one.
Want to take advantage of the facts you’ve just learned? Purchase a Florida Prepaid College Plan today to start saving!
And as always, if you have any more questions feel free to visit our FAQs page or call us at 1-800-552-GRAD (4723).