This post is sponsored by the Florida Prepaid College Board, through my role as a Believer Blogger. All thoughts are my own.
First off, just a reminder that it’s Florida Prepaid Open Enrollment time. If you use promo code RUNSIT19 by 3/2/19, your entire enrollment fee will be waived (a $50 savings)! This promotion only runs for a few more days, so if you’re planning to sign up, now’s the time.
I also want to touch on a few frequently asked questions. If you’re on the fence about whether Florida Prepaid is the right choice for you, hopefully these answers will help.
1. What does a Florida Prepaid Plan cover? A Florida Prepaid plan covers tuition and other applicable fees. Here’s what that means:
- All 28 Florida Colleges and 12 State Universities charge mandatory fees, known as “Local Fees.”
- The 12 State Universities also charge a mandatory “Tuition Differential Fee.”
- Starting in 2011, all newly purchased plans include the cost of tuition and these mandatory fees.
- Older plans may cover some/all of these fees, but you should check your account (you can create one online) to know for sure.
2. What if my student gets a scholarship like Bright Futures? Congrats! The Florida College or State University will usually bill your Prepaid Plan without you having to do anything. Since your Florida Prepaid Plan pays for the tuition and fees, a Bright Futures Scholarship award will help cover any remaining costs, like lab and transportation fees, books, and housing.
If you prefer, the amount covered by the Prepaid Plan can be refunded to the Account Owner. It can also be used to pay for tuition and fees not covered by the scholarship. For more details about the Bright Futures Scholarship Program, you can call 1-888-827-2004.
3. What happens if I move out of state? If you move out of Florida at some point over the years, you’re still eligible for in-state tuition and fees at a Florida College or State University while using a plan. (Personal note: My own Florida Prepaid plan enabled me to pay in-state tuition at the University of Florida even though my family moved outside of Florida while I was still in high school.)
4. Can I use my plan for an out-of-state or private in-state school? Yes. While plans are designed to be used at a Florida College or State University, the amount covered by your Prepaid Plan can also be applied to other schools nationwide, provided that the educational institution meets certain eligibility requirements. The benefit amount per credit hour (paid from your plan to the school of your choice) will be determined when Florida school rates are available at the start of each semester.
5. Can I use my plan to pay for the cost of graduate, professional, or vocational school? You sure can! Plan benefits may be applied toward the cost of graduate-level courses. The plan will pay the average in-state undergraduate rate per credit hour for these courses. Any remaining cost will be the responsibility of the student.
6. Does a Florida Prepaid Plan guarantee admission to a college or university? No. Each student is responsible for qualifying for admission to the college or university of their choice. However, Florida law does guarantee admission to a State University after a student receives an associate’s degree from a Florida College. (The 2 + 2 Florida Plan is designed for students interested in this undergraduate path.)
7. How long can a Florida Prepaid Plan be used? Your student has 10 years from their projected college enrollment date (generally, the year they are expected to graduate high school) to use their plan benefits. (If your student graduates from high school early, your plan can be modified to allow for early usage.) If a student does not use all of the plan benefits for their undergraduate education, the plan value can be applied toward graduate-level courses within the same 10-year period. You can also request a refund or transfer the benefits to another qualified family member.
8. What if the Plan Beneficiary decides not go to college? If your 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 (fees may apply).
What other questions do you have? Ask in the comments, and I’ll do my best to answer or direct you to the right place for more info. Your best bet for the most accurate info is to call 1-800-552-4723 or visit myfloridaprepaid.com.