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Savings Plan FAQs

Contributing To Your Plan

  • How do I contribute to my Florida 529 Savings Plan?

    There are multiple ways to make a contribution. You can:

    1. Contribute online at myfloridaprepaid.com. We offer one-time and recurring options;
    2. Mail a check (including account number) payable to Florida 529 Savings Plan, PO Box 31483, Tampa, FL 33631-3483; or,
    3. Sign up for automatic payroll deduction with a participating employer.
  • Is there a minimum contribution amount?

    No. There is no minimum contribution to get started. You contribute as much and as often as you like.

    Many families find the best way to fund a college savings plan is to set up an automatic monthly contribution so it’s part of their regular budget.

  • Can other people contribute to my Florida 529 Savings Plan?

    Yes. If you have friends and family that want to contribute to your Florida 529 Savings Plan, you can set up a gifting event at myfloridaprepaid.com and invite them to join the cause. Or, invite them to send a check and a Contribution Coupon Form to PO Box 31483, Tampa, FL 33631-3483. If someone sends a check for one of your plans, make sure they include an account number and your student’s name to help us properly post the funds to your plan.

  • When are my contributions actually invested?

    Contributions received and processed before the close of trading on the New York Stock Exchange will be invested the same day. Contributions received and processed after the close of trading on the New York Stock Exchange will be invested on the next business day.

  • Can I move money from another 529 Plan to Florida’s 529 Savings Plan?

    Yes. Funds may be transferred from another state’s 529 Plan into a Florida 529 Savings Plan. The IRS calls this a “rollover” and allows you to do so once every 12 months for the same Beneficiary.

    In addition, Education Savings Accounts (ESAs), Uniform Gift/Transfers to Minor Act (UGMA/ UTMA) assets and redeemed U.S. Savings Bonds can also be transferred to a 529 Plan at any time.

    For specific guidance relating to your college savings plans, please consult an investment adviser or certified public accountant.

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Understanding Your Investments

  • What are my investment options?

    You may choose from one or more of our investment options. We offer three predesigned portfolios, or if you want to create your own portfolio, we also offer eight different fund options in a variety of investment strategies with a wide range of risk profiles.

    For more information, please visit our Investment Options page.

  • Who are the investment managers and how are they chosen?

    We use a strategic and competitive selection process to identify and contract with professional investment managers. Each investment manager is selected based on numerous factors, including, but not limited to: investment philosophy and strategy, performance history, organizational experience and financial stability.

    For more information, please visit our Investment Manager page.

  • When can I change my investment allocations?

    For new contributions, you can change your investment allocation at any time. For existing balances, the IRS limits balance reallocations to twice per calendar year.

  • What fees apply?

    We charge an Administration Fee based on fees charged to us for investment management services, trustee services, records administration services, marketing services, and customer services. Currently, the Administration Fee varies by investment option, up to 0.75% (annualized) of the account balance.

    There are no adviser fees, sales commissions or annual account fees like those you may find in other plans.

    For more information about fees, please review Section 7 of the Program Description and Participation Agreement.

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How It Works

  • How does the Florida 529 Savings Plan work?

    The Florida 529 Savings Plan allows you to develop your own plan to save for college. You decide how much you want to save and when you want to save. You also get to choose how you want to invest your savings using the investment options offered by the plan. We offer three predesigned portfolios, or if you want to create your own portfolio, we also offer eight different fund options in a variety of investment strategies with a wide range of risk profiles. When it comes time for college, you use your savings to pay for actual college costs at that time. Savings Plans are not guaranteed, so the value of your investment is subject to market fluctuations. For more information, please visit our 529 Savings Plan page.

  • How do you determine how much to save?

    We offer a College Cost Calculator that will help you determine how much to save based on your specific scenario and savings goals. It’s important to remember, when deciding how much to save, focus on what you can afford. You may want to, but you don’t have to save for everything. A recent survey by Sallie Mae found that parents expect to pay about 40% of their children’s college costs. One popular approach to saving is to focus on saving for just one category, like tuition and fees.

  • What college costs does the Florida 529 Savings Plan cover?

    A Florida 529 Savings Plan can be used to pay for any Qualified Higher Education Expense as defined in Section 529 of the federal tax code. They include: Tuition; Fees; Room and board expenses during an academic period in which the student is enrolled at least half-time in a degree, certificate or other program that leads to a recognized educational credential awarded by an Eligible Educational Institution; Textbooks, supplies and equipment required for enrollment or attendance; Computers, peripheral equipment, software and internet service primarily used by the student; and Special needs services incurred in connection with enrollment or attendance. You can withdraw and use the funds for other purposes, but doing so may have tax consequences.

  • Are investment returns guaranteed?

    No. As with any investment, it is possible to lose money with a Florida 529 Savings Plan. We offer a variety of investment options ranging from conservative to aggressive. The degree of risk varies based on the investment option you select.

  • How do I contribute to my Florida 529 Savings Plan?

    There are multiple ways to make a contribution. You can:
    Contribute online at myfloridaprepaid.com. We offer one-time and recurring options;
    Mail a check (including account number) payable to

    Florida 529 Savings Plan
    PO Box 31483, Tampa
    FL 33631-3483

    or,
    Sign up for automatic payroll deduction with a participating employer.

  • Can other people contribute to my Florida 529 Savings Plan?

    Yes. If you have friends and family that want to contribute to your Florida 529 Savings Plan, you can set up a gifting event at myfloridaprepaid.com and invite them to join the cause. Or, invite them to send a check and a Contribution Coupon Form to PO Box 31088, Tampa, FL 33631. If someone sends a check for one of your plans, make sure they include an account number and your student’s name to help us properly post the funds to your plan.

  • When are my contributions actually invested?

    Contributions received and processed before the close of trading on the New York Stock Exchange will be invested the same day. Contributions received and processed after the close of trading on the New York Stock Exchange will be invested on the next business day.

  • Can I move money from another 529 Plan to Florida’s 529 Savings Plan?

    Yes. Funds may be transferred from another state’s 529 Plan into a Florida 529 Savings Plan. The IRS calls this a “rollover” and allows you to do so once every 12 months for the same Beneficiary.

    In addition, Education Savings Accounts (ESAs), Uniform Gift/Transfers to Minor Act (UGMA/ UTMA) assets and redeemed U.S. Savings Bonds can also be transferred to a 529 Plan at any time.

    For specific guidance relating to your college savings plans, please consult an investment adviser or certified public accountant.

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Opening Your Plan

  • Who can open a Florida 529 Savings Plan?

    A Florida 529 Savings Plan can be opened by any individual 18 years of age or older that is a U.S. citizen or legal U.S. resident with a valid Social Security number.

  • When can I open a Florida 529 Savings Plan?

    You may enroll any time. Please visit myfloridaprepaid.com. We offer enrollment year-round.

  • Who can be a Beneficiary?

    The Beneficiary is the person you are saving for. You may enroll any U.S. citizen or resident alien with a valid Social Security number, nationwide, at any age, and at any time. It’s never too early, or too late, to save for college.

  • Can I open Florida 529 Savings Plans for more than one Beneficiary?

    Yes. While there can only be one Beneficiary for each plan, you can open separate plans for different Beneficiaries.

  • Can different people open separate Florida 529 Savings Plans for the same Beneficiary?

    Yes. Many families choose to enroll in multiple plans. The aggregate maximum account balance for all plans for the same student is $418,000.

  • Can I open a Florida 529 Savings Plan for an unborn student?

    A parent planning for children may open a Florida 529 Savings Plan for himself or herself and then transfer some or all of the funds to the child after birth.

  • Can a Beneficiary have a Florida Prepaid Plan in addition to a Florida 529 Savings Plan?

    Yes. Florida Prepaid and Florida 529 Savings Plans work well together. For example, a Prepaid Plan will cover tuition and other specified fees. Pair it with a Savings Plan to pay for books, a computer, room and board, and other Qualified Higher Education Expenses.

  • What are the fees to open a Florida 529 Savings Plan?

    None. You can open a Florida 529 Savings Plan for free. There is no application fee or minimum contribution to get started.

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Using Your Plan

  • When can a Florida 529 Savings Plan be used?

    Your Florida 529 Savings Plan can be used at any time.

  • Where can a Florida 529 Savings Plan be used?

    Your Florida 529 Savings Plan can be used at any Eligible Educational Institution.

    An Eligible Educational Institution is an accredited postsecondary institution offering credit toward a bachelor’s degree, an associate’s degree, a graduate-level or professional degree, or another recognized postsecondary credential. Certain proprietary institutions and postsecondary vocational institutions are also Eligible Educational Institutions. The institution must be eligible to participate in a student financial aid program under Title IV of the Higher Education Act of 1965 (20 U.S.C. Section 1088).

    To check the eligibility of a school, visit fafsa.ed.gov and select “School Code Search.” Or, contact the school directly.

  • How long do you have to use a Florida 529 Savings Plan?

    There is no set time period for using your Florida 529 Savings Plan.

  • What college costs can a Florida 529 Savings Plan be used to pay for?

    Your Florida 529 Savings Plan can be used to pay for any Qualified Higher Education Expense as defined in Section 529 of the federal tax code. They include:

    1. Tuition;
    2. Fees;
    3. Room and board expenses during an academic period in which the student is enrolled at least half-time in a degree, certificate or other program that leads to a recognized educational credential awarded by an Eligible Educational Institution;
    4. Textbooks, supplies and equipment required for enrollment or attendance;
    5. Computers, peripheral equipment, software and internet service primarily used by the student; and
    6. Special needs services incurred in connection with enrollment or attendance.

    You can withdraw and use the funds for other purposes, but doing so may have tax consequences.

  • Does a Florida 529 Savings Plan have to be used at a Florida college or university?

    No. Your Florida 529 Savings Plan can be used at any Eligible Educational Institution.

    An Eligible Educational Institution is an accredited postsecondary institution offering credit toward a bachelor’s degree, an associate’s degree, a graduate-level or professional degree, or another recognized postsecondary credential. Certain proprietary institutions and postsecondary vocational institutions are also Eligible Educational Institutions. The institution must be eligible to participate in a student financial aid program under Title IV of the Higher Education Act of 1965 (20 U.S.C. Section 1088).

    To check the eligibility of a school, visit fafsa.ed.gov and select “School Code Search.” Or contact the school directly.

  • Does having a Florida 529 Savings Plan guarantee admission to a college or university?

    No. It is the responsibility of each student to qualify for admission to the college or university of their choice.

  • How do I make withdrawals from a Florida 529 Savings Plan?

    You may request a withdrawal from your Florida 529 Savings Plan online at myfloridaprepaid.com – we can send the money to you, to your student, or directly to an Eligible Educational Institution.

  • How long do withdrawals take?

    We issue withdrawals in two forms, via electronic funds transfer and via paper check. Electronic transfers are generally delivered within 3 days after a completed request is received. Paper checks are generally delivered within 45 days after a completed request is received. For security purposes, we may delay issuance of a withdrawal for 15 days due to recent contributions, account changes, etc.

  • Will tax documents be received when a Florida 529 Savings Plan is used?

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

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

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Managing Your Plan

  • What if my student does not go to college?

    You may transfer your Florida 529 Savings Plan to another eligible student or close the plan and withdraw the remaining balance. Any earnings that are not used for Qualified Higher Education Expenses are subject to federal and, if applicable, state income taxes. In addition, there is a 10% federal tax penalty on the earnings not used for Qualified Higher Education Expenses with certain exceptions for death, disability and scholarships (to the extent of the amount of the scholarship).

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

  • Can I cancel my Florida 529 Savings Plan or withdraw my funds early?

    Yes. You may cancel your Florida 529 Savings Plan and withdraw funds at any time and for any reason. Please keep in mind, any earnings that are not used for Qualified Higher Education Expenses are subject to federal and, if applicable, state income taxes. In addition, there is a 10% federal tax penalty on the earnings not used for Qualified Higher Education Expenses with certain exceptions for death, disability and scholarships.

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

  • Can I transfer my Florida 529 Savings Plan to someone else?

    Yes. Florida 529 Savings Plan ownership can be transferred at any time to an individual 18 years of age or older and a U.S. citizen or legal U.S. resident.

    In addition, funds may be transferred from one Florida 529 Savings Plan to another for a member of the student’s family. The IRS calls this a “rollover” and allows you to do so once every 12 months for the same Beneficiary.

  • What happens if I move?

    If you or your student move out of state at some point, your plan will continue as if you never left Florida.

  • Can a Florida 529 Savings Plan be opened jointly?

    A Florida 529 Savings Plan is owned and managed by a single Account Owner. However, after you enroll, you may name a Survivor who will have a right of survivorship. In addition, for plans purchased after to February 1, 2009, the Survivor will also have certain limited rights of approval for change of Beneficiary, change of Account Owner and cancellation.

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