For more details click here. This will cause the hours in those plans to be utilized faster. Students who choose to opt-out of the Florida Prepaid Plan must notify the Student Business Services prior to the first day of class for that semester. A new form will be required for each semester that the student wishes to opt-out of Florida Prepaid. How are my payments used in a Florida Prepaid Plan? When can I open a Florida Prepaid Plan? How do I open a Florida Prepaid Plan? Is there a maximum amount that can be purchased?
What are the fees to open a Florida Prepaid Plan? What forms of payment are accepted? Can other people contribute to my Florida Prepaid Plan? Are down payments accepted? Can I pay off my plan early?
Do I have to be a Florida resident? Does a Florida Prepaid Plan guarantee admission to a college or university? What happens if my student receives a scholarship? When can a Florida Prepaid Plan be used? How long can a Florida Prepaid Plan be used? How do college expenses get paid? What if the school the Beneficiary wants to attend does not match the type of Florida Prepaid Plan purchased? Can a Florida Prepaid Plan be used to pay for the cost of vocational or graduate school?
Will tax documents be received when a Florida Prepaid Plan is used? What if the Beneficiary does not go to college? Can I cancel my Florida Prepaid Plan or withdraw my funds early? Can the Beneficiary be changed? What happens if I move? Can a Florida Prepaid Plan be opened jointly? What if I can no longer afford the payments? What housing expenses are covered?
Does a University Dormitory Plan guarantee you to have a dormitory room? What happens if you do not live in a dormitory? What happens if a dormitory room is not available at the school you go to? What residence halls are covered? A Florida Prepaid College Plan allows families to lock in college plan prices and prepay, on a monthly or lump-sum basis, the future cost of college tuition, tuition differential fee, local fees and, optionally, dormitory housing.
When your student is ready for college, the Plan pays the costs covered under your plan type at any Florida College or State University, even if the cost of college is higher than anticipated when your plan prices were set. If your student attends an out-of-state college or private college, the plan will pay the same amount as it would pay at a public college or university in Florida.
Prepaid Plans also work with scholarships, and you can use them together to cover even more college expenses. If your child receives a scholarship, you can get a refund for the same amount as the plan would pay a public college or university in Florida.
Every Prepaid Plan is guaranteed by the State of Florida to pay the tuition and fees covered by your plan, and you can never lose what you have paid into the plan. Also, your student has 10 years from their projected college enrollment date to use the plan.
This means that by purchasing a plan for a newborn, for example, you are able to lock in the costs covered by a Florida Prepaid Plan for the next 28 years i. If the future cost of college rises even more than we expected when we priced your plan, we still pay the fees covered by your plan at the time your student uses their benefits. In the unlikely event that the future cost of college is less that what you paid for your Florida Prepaid Plan, you may request, and you will receive, a refund for the difference between what you paid for your plan and the benefits paid by your plan.
Florida Prepaid Plan prices are actuarially determined. They take into consideration current tuition and fee rates, tuition inflation and investment yields. The current tuition and fee rates are based on a weighted average of fees charged by Florida Colleges and Florida Universities, as applicable. The price you pay for your Florida Prepaid Plan is less than what college is expected to cost in the future. So when we receive a payment on your plan, we invest the funds to earn the additional monies necessary to pay for future college costs.
Regardless of your plan type, there are fees Florida Prepaid will not cover. Another source of payment, aside from Florida Prepaid, will be needed. Frequently Asked Questions. Florida Prepaid FAQs. Which department handles Florida Prepaid?
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