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Florida Prepaid College Plan
Florida
The largest and one of the oldest prepaid tuition plans in the country, this program is helping over one million Florida families save and lock in the future cost of tuition (and optionally dormitory costs, local fees, and the tuition fee differential) at Florida public institutions.
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General
Did you know?
Residents are not limited to investing in their own State's plan. Another state may offer a plan that performs better and has lower fees. If there is no tax break offered for in-state investors... shop around!
Also, the plan chosen does not affect which state the student enrolls in. An investor can live in NY, invest in a plan from NV and send a student to college in FL.
Program type:
Prepaid contract
How to enroll:
Enroll directly with the program.
Initial year of operation:
1987
Enrollment period:
Ongoing enrollment. 2009/10 pricing (announced Oct 19, 2009) is effective through January 31, 2010.
State agency(ies):
Florida Prepaid College Board
Eligibility
State residency requirements:
The beneficiary or the parent/guardian must have been a Florida resident for the 12 months prior to enrollment. The beneficiary must be within the age/grade requirements for the selected plan.
Who can be a participant/owner in the program?
U.S. citizens and resident aliens at least 18 years old, UGMA/UTMA custodians, and legal entities organized in the U.S.
Significant time or age restrictions imposed by the program:
The beneficiary must be under 21 years of age and in the 11th grade or younger at the time of enrollment (8th grade or younger for the local fee, dormitory, and tuition differential plans). Plan benefits must be used within 10 years after the expected date of college enrollment (not counting time in the military), unless an extension is requested.
Contractual Features
Contract prices:
In the 2009-10 enrollment, prices range from as litle as $5,735 for a two-year community college contract for an infant to as much as $63,854 for a four-year university contract, local fee plan, tuition differential fee plan, and dormitory plan for a newborn. An extended payment plan is available.
Available tuition packages:
Four-year university tuition plan (120 credit hours), two-year community college tuition plan (60 credit hours), and a "2+2" tuition plan combining community college and university attendance (120 credit hours). Optional contracts for payment of mandatory local fees, the tuition differential fee, and dormitory housing are also available.
Benefits for beneficiary attending private or out-of-state institution:
Benefits are paid out at the current rates paid to public universities in Florida; an out-of-state institution must be not-for-profit and regionally accredited; an in-state private college must be chartered in Florida, not-for-profit and accredited by the Accrediting Council for Independent Colleges and Schools.
Contract payment options:
Lump sum, 55 monthly installments, or monthly installments until October of the scheduled college enrollment year. Monthly payments can be made through automatic bank transfer, payroll deduction, or by check with coupons. For contracts purchased during the the 2009-10 enrollment period, the initial payment is due April 20, 2010.
Are program benefits backed by the full faith and credit of the state?
Yes, and in the event the program is terminated, all participants within 5 years of college enrollment will receive full promised benefits while others will receive a refund of payments made plus interest.
Are program benefits collateralized or guaranteed in any other way?
No
Fees & Expenses
Enrollment or application fee:
$50 ($80 combined for this plan and the Florida College Investment Plan). A separate $10 fee is assessed to add a tuition fee differential plan, a local fee plan, or a dormitory plan to a tuition plan contract.
Taxes and other Benefits
Program match on contributions:
Premium subscription required for this data.
State tax deduction or credit for contributions:
Not applicable. Florida does not have a personal income tax.
State tax treatment of qualified distributions:
Not applicable. Florida does not have a personal income tax.
State tax treatment of rollovers:
Florida does not have a personal income tax. Note: program materials indicate that this plan does not accept rollovers from another 529 plan.
Does the sponsoring state exclude the value of an account for state financial aid purposes?
No
Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?
Yes, the qualified beneficiary is classified a resident for tuition purposes regardless of actual home of record.
Does the program have a formal agreement with a rewards program or outside scholarship program?
No
Statutory protection of an account from creditors:
Premium subscription required for this data.
Distributions & Terminations
To whom are distributions made payable:
Eligible educational institution; a cancellation refund or scholarship refund is payable to account owner
Account Changes
Policy regarding participant/owner changes:
Accepts requests to transfer contract ownership.
Contact
Telephone:
1-800-552-4723
Web site:
Plan News
- Prepaid tuition plan wider now (10/16/2007)
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