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Florida 529 Prepaid Plan

Prepaid Plan

Prepaid Plans let you pre-pay all or part of the costs of a college education. They may also be converted for use at private and out-of-state colleges. Because of the unique structure of these plans, they are not considered in our ratings methodology.

The largest and longest running prepaid tuition program in the country, the Stanley G. Tate Florida Prepaid College Program has helped over one million Florida families save for college and lock in the future cost of attending Florida's public institutions. The value of the plan can be used at any qualified institution nationwide.

OVERVIEW

Program type

Prepaid Plan contract

Enrollment period

Prepaid Plan Open Enrollment is from February 1 -- April 30. With a 529 Prepaid Plan for every budget, you can lock in the future cost of tuition and most fees for less. Plans can be used in-state or out, work great with scholarships and financial aid, and you can cancel anytime for a full refund.<br><br> Open Enrollment: February 1st through April 30th.

Inception

1987

State agency

Florida Prepaid College Board

Tax deduction

For single filers: None

For joint filers: None

Program manager

Florida Prepaid College Board

MORE INFORMATION

Eligibility

State residency requirements:

The beneficiary or the parent/guardian must have been a Florida resident for the 12 months prior to enrollment.

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. 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.

Contributions

Minimum contributions:

Contractual Features

Contract prices:

Prepaid Plan prices for 2024-2025 Open Enrollment started at:
1-Year Florida University Plan $29.79 / month
4-Year Florida University Plan $119.05 / month
2-Year Florida College Plan $33.32 / month
4-Year Florida College Plan $72.73 / month
2+2 Florida Plan $93.49 / month

Available tuition packages:

4-Year Florida University Plan (120 credit hours), 4-Year Florida College Plan (120 credit hours), 2-Year Florida College Plan (60 credit hours), 1-Year Florida University Plan (30 credit hours) and a 2+2 Florida Plan combining Florida college and university attendance (120 credit hours). Optional contracts for payment of dormitory housing are also available for those purchasing the Florida University or 2+2 plans.

Benefits for beneficiary attending private or out-of-state institution:

The value of the plan purchased may be applied toward the costs at any Eligible Educational Institution. Benefits are paid out at the current rates paid to public colleges or universities in Florida at time of usage, per actual Plan purchased.

Contract payment options:

Account owners may pay in full (Lump Sum) or in monthly installments. Monthly payments can be made through automatic bank transfer, payroll deduction, or by check. Payments are due on the 20th day of each month beginning the first month following application acceptance.

Are program benefits backed by the full faith and credit of the state?

Yes

Are program benefits collateralized or guaranteed in any other way?

Fees & Expenses

Enrollment or application fee:

With no application fee, you can enroll for free and save $50.

Taxes and other Benefits

Tax deduction for single filers:

None

Tax deduction for joint filers:

None

Note:

Florida doesn't offer tax deductions

Program match on contributions:

State tax deduction or credit for contributions:

Not applicable. Florida does not have a personal income tax.

State definition of qualified expenses

Florida Prepaid College Plans cover the cost of Tuition and specified fees for the Plan purchased. Optional University Dormitory Plans may also be purchased to pay for university housing.

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 Florida Prepaid College Plans do not accept rollovers from other 529 plans.

Does the sponsoring state exclude the value of an account for state financial aid purposes?

Florida Prepaid College Plans are not considered when determining eligibility for state financial aid programs.

Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?

Yes, the beneficiary of a Florida Prepaid College Plan is classified as a Florida resident for tuition purposes, even if they have moved out of Florida.

Is there a rewards program or outside scholarship program that works with this program?

Yes, the Upromise Rewards program can be linked to any 529 college savings plan. Upromise Rewards is free to join and offers members cash back for college.

Statutory protection of an account from creditors:

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

Website:

http://www.myfloridaprepaid.com/

Telephone:

1-800-552-4723

Twitter

https://twitter.com/FloridaPrepaid

Social Media

https://www.facebook.com/FloridaPrepaid

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