UPDATED FOR 2009

SHORTCUTS

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If you had 1 year or less before your child started college, which of the following would be your preferred allocation among asset classes in your 529 savings account?

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OPTIONS

529 PLANS

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) at Florida public institutions.

5-Cap Rating

(Resident Rating)

(Non-Resident Rating)

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.

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Program type:

Prepaid contract

How to enroll:

Enroll directly with the program.

Initial year of operation:

1987

Enrollment period:

October 20, 2008 through January 31, 2009

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:

Premium subscription required for this data.

Contractual Features

Contract prices:

In the 2008-2009 enrollment, prices range from as litle as $4,972 for a two-year community college contract for a newborn to as much as $45,875 for a four-year university contract, four-year fee plan, four-year tuition differential fee plan, and five-year dormitory contract for an eighth grader. 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 (60 credit hours). Optional contracts for payment of mandatory local fees and dormitory housing are also available. Beginning in the 2007-2008 enrollment, an optional tuition differential fee plan is available to cover the additional tuition differential fee that some Florida public universities will be charging in the future.

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 2008-2009 enrollment period, the initial payment is due April 20, 2009.

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.