Using Your Plan

• January 10, 2019

  Using Your Plan

  What if I can no longer afford the payments?

  We want to help you and your student reach your college savings goals. If you are not able to afford your Florida Prepaid Plan payments, please let us know. We may be able to help you with an alternate payment schedule or change your plan to one that better fits…

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• January 10, 2019

  Using Your Plan

  Can a Florida Prepaid Plan be opened jointly?

  Florida Prepaid Plans are 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 February 1, 2009, the Survivor will also have certain limited rights of approval for change of…

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• January 10, 2019

  Using Your Plan

  What happens if I move?

  While Florida residency is required to purchase a Florida Prepaid Plan, it is not required to keep one. If you or the student move out of state, your plan will continue as if you never left. As another added bonus for owning a Florida Prepaid Plan, if your student attends…

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• January 10, 2019

  Using Your Plan

  Can the Beneficiary be changed?

  Plan benefits can be transferred from one student to a family member of the student. The new student must be a resident of Florida and must be able to use the plan within the original 10-year benefit period.…

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• January 10, 2019

  Using Your Plan

  Can I cancel my Florida Prepaid Plan or withdraw my funds early?

  Yes, you may cancel your Florida Prepaid Plan at any time and for any reason. You may request a refund equal to the payments that you have made, less any fees, usage and refunds.…

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• January 10, 2019

  Using Your Plan

  What if the Beneficiary does not go to college?

  If the student does not use their Florida Prepaid Plan benefits, you may transfer the benefits to another qualified family member or you may request a refund. Your refund will be equal to the payments that you have made, less any previous refunds, and a fee of up to $50…

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• January 10, 2019

  Using Your Plan

  Will tax documents be received when a Florida Prepaid Plan is used?

  Yes. A Form 1099-Q will be provided in January of each year to students who have used their Florida Prepaid Plan during the previous calendar year. In addition, a Form 1099-Q will be provided to an Account Owner who has received a scholarship refund or reimbursement during the year. Tax…

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• January 10, 2019

  Using Your Plan

  Can a Florida Prepaid Plan be used to pay for the cost of vocational or graduate school?

  Yes. We will transfer the value of the plan purchased to pay costs at any Eligible Educational Institution – including vocational schools and graduate programs. Students planning to attend an eligible private or out-of-state institution must complete a Transfer Authorization request before benefits will be paid. The Transfer Authorization includes…

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• January 10, 2019

  Using Your Plan

  What if the school the Beneficiary wants to attend does not match the type of Florida Prepaid Plan purchased?

  Another great feature of a Florida Prepaid Plan is that the value of the plan purchased may be applied toward the costs at any Eligible Educational Institution. At state institutions in Florida, we will convert college hours to university hours and vice versa to ensure that you get maximum value…

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• January 10, 2019

  Using Your Plan

  How do college expenses get paid?

  Florida Prepaid Plan students who are scheduled to start college for the first time will receive a First Time In College notification in the spring of their college enrollment year. This notification will provide basic information about how to use plan benefits and explain what to expect during the college…

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