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The Florida Prepaid College Plan – What You Need To Know

  • The Florida Prepaid College Plan is the largest and longest-running prepaid college plan in the country, with over 30 years of history. 
  • The Florida Prepaid College Program allows Florida families to prepay for college by paying the current tuition prices.
  • The State guarantees the Florida prepaid plans, so families don’t have to worry about their investment accounts going up and down with the stock market.
  • You are not alone in choosing Florida college prepaid plan; already, over 1.2 million families have enrolled in the plan. 
  • For years you probably have heard from friends and neighbors how much they love the Florida prepaid college programs. The good news is that several years of lower than anticipated tuition and fee inflation have allowed the Florida Prepaid College Board to reduce Prepaid Plan prices for many current customers and new customers!
  • The Prepaid Florida College Plan and the Florida 529 Savings Plan are both authorized 529 college plans with benefits that include tax-free earnings when spent on qualified higher education expenses nationwide at public or private schools and universities around the country, including technical and vocational schools. 
  • Worried that your child may want to go to a school outside other than a Florida College or State University? With the Prepaid Plan, participants can use their benefits at schools around the country without worrying – the program will pay out an equal amount whether you choose an in-state college or an out-of-state college.
  • Florida College Prepay Plans are flexible – you can cancel for a refund if necessary or transfer to another beneficiary.

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Why Saving For College Matters – Because Education Pays

An abundance of research has indicated that securing a college degree is beneficial for graduates in nearly every way imaginable – from increased earnings to lower unemployment rates. Similarly, those without a college degree can find their upward mobility in the job market hindered by a lack of educational credentials: This survey finds that one-third of Americans who lack a four-year college degree confess they have refrained from applying for a job they felt they were qualified for because that job required a bachelor’s degree.

10564 1008070 Florida Prepaid College PlanFlorida Prepaid College Plan

For more reading on this topic:

comparing income with and without a college degree
comparing income with and without a college degree

SUMMARY: What is The Florida Prepaid College Plan?

Prepaid Tuition Plans allow you to lock in today’s tuition rates for future educational expenses. The plans are guaranteed by the State, so you will never lose your investment. If your child attends an out-of-state or private college, the plan will still pay the same amount as it would for a public college or university in Florida. 

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. Your child has up to 10 years after their year of projected enrollment to use the plan. Plans have their own unique benefits, so it’s important to do your research before deciding which one is right for you and your family!

Visit www.myfloridaprepaid.com to fill out a quick online application (about 15 minutes), or please contact Florida prepaid at (800) 552-4723 (GRAD)

I will guide you, step by step, through the questions you will need to ask yourself before deciding to enroll in the Florida prepaid plan. With my 30 years of experience as a financial planner helping families save for their child’s college education, you can be confident in your decision-making.


What age do you recommend that we start saving for our child’s college?

Have you seen the cost of college lately?  

Have you done the calculations for how much you will need to save?

Well, I have:

Average Cost of College for in state students map
benefit of saving early for college savings

The cost of college is rising every year, and it’s becoming increasingly difficult to save enough money. I recommend starting to save as soon as possible. Even if you can only afford to save a small monthly payment, it’s better than nothing. 

There are many college savings plans available, and some even have tax benefits. Don’t wait until it’s too late – start saving for your child’s college now.

It’s never too early or too late to start saving for college. Florida prepaid college plans start as low as $45 per month.

When can I enroll in the Florida Prepaid College plan?

The open enrollment period for the Florida Prepaid College Plan runs from February 1st to April 30th annually. You are able to submit an application at any time during the year but can only enroll in the plan during open enrollment. Pricing for the plan is released at the beginning of open enrollment on February 1st each year.

What are the Prepaid Plan prices

As I mentioned, plan prices are announced every year at the beginning of open enrollment.  

A Prepaid Plan cost calculator is available at: myfloridaprepaid.com

How are the Florida prepaid college plan prices determined?

  • The current cost of tuition & fees
  • The projected cost by the time the child is ready to go to college
  • Projected investment returns by the State

What age can I enroll my child?

There is an age requirement for the plan, since enrollment is based on your child’s expected start of college. You can enroll in the prepaid plan anytime from the time the child is born through 11th grade.

Do I have to be a Florida resident to enroll in the Florida prepaid?

Yes, your child that is enrolling in the program would need to be a Florida resident at the time of enrollment.

What does the plan cover?

The Florida Prepaid plan is designed to cover tuition and fees.  

Housing, meal plans, books, and supplies are not covered.

What are the five open enrollment options for the Florida prepaid college programs?

During this time, you elect one of the five available prepaid college programs to enroll in. Each will have different coverage and cost.

Enroll florida prepaid educate success
  • 2 year Florida college plan – covers tuition for 60 credit hours at Florida colleges. You can earn an associate’s degree or trade certification.
  • 4 year Florida college plan – covers 60 lower credit hours and 60 upper credit hours at a Florida college to earn a bachelor’s degree.
  • 2 + 2 Florida prepaid college fund – covers 60 lower credit hours at a Florida college and 60 upper credits at a State University. You can earn the same degree as a four-year University but at a lower cost.
  • 1 Year Florida University plan – the most affordable program that allows you to pay a set number of credit hours (30), or one year, at a State University program in Florida.
  • 4 Year Florida University plan -will cover a number of credit hours (120 credit hours), or four years, at a State University. This will allow a student to earn a bachelor’s degree at either Florida State University or the University of Florida.

college university bunkbed in dorm room

Is there an option to cover dormitory housing costs?

Yes, you can choose to also purchase the 1 year University Dormitory plan to cover a year of dorms.

How do I pay for the plan? What are my options?

The Florida prepaid college plan currently offers parents three payment options: you can make a monthly contribution, pay over five years, or in one lump sum.

Can I lose money by buying the program?

The State of Florida is assuming the risk of investments and inflation – the plan is guaranteed by the State of Florida. So no, you do not have an investment risk in the plan.

Are there any tax benefits or deductions of the plan?

You do not get a tax deduction, federal or State, for buying into the Florida prepaid plan. The tax advantages of the plan are that any earnings are tax-free when/if used towards qualified higher educational institution expenses such as tuition.

Am I limited to using the plan in the State of Florida only?

Florida on a map

Can I use Florida prepaid out of state? Yes and no, let me explain.  

The plan is designed to prepay the cost of college tuition for a state of Florida college or state University. But, the plan WILL pay to another school out of State the same as they would have paid to a Florida college or state University. You would be responsible for covering the difference if there is a shortfall.

Did I waste my money if my child received a scholarship?

No, not at all. First off, congratulations to your child and your pocketbook for that scholarship!! The most common scholarship would be the Bright Futures, but if your child does get a scholarship, you can either get a refund for an unused amount or use the prepaid plan for graduate school.

  • Is Florida prepaid refund taxable? 

When it comes to Florida prepaid refunds, the general rule is that they are not taxable. However, there are some exceptions to this rule. For example, if the refund is for contributions that were made on or after January 1, 2003, then the refund may be taxable. Additionally, if the refund is for contributions that were made on or after January 1, 2009, and the beneficiary is no longer a Florida resident, then the refund may be taxable.

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What happens if we move out of the State of Florida?

You will be happy to hear that you get an additional benefit from the Florida prepaid tuition plan then. Even though you would be an out-of-state resident at the time of college, your child would still qualify for in-state tuition rates!! This means you would see no downside to having the prepaid college program setup. Of course, you can always request a refund instead or use the proceeds for another state’s college program if you choose

Is there a time limit to using the plan?

Actually, there is. Remember I said you need to put the anticipated High School graduation date on the application? You have ten years from that graduation date to use the Florida prepaid tuition plan.

And what happens if my child decides not to go to college?

You can always get a refund for what you paid into the plan.

Can Florida Prepaid be transferred to a sibling? Yes, you can transfer the prepaid tuition to another family member.

Who can I call if I have questions about Florida Prepaid?

Are you trying to get in touch with Florida Prepaid customer service? Wondering what the Florida Prepaid phone number is?

Phone: 1-800-552-4723 Monday through Friday, 8:00 AM to 6 PM EST

Email: customerservice@florida529plans.com.

Is there a Florida Prepaid Refund in 2022?

Glass half full says the cost of college has not gone up as much as the state of Florida anticipated. The glass half empty says that they were overcharging you if you already owned a Florida Prepaid account. Either way, account owners who purchased the plan before December 31, 2021 may be eligible for a refund.

The refunds , will be distributed on a first-come, first-served basis. Just log into your account and see if you are eligible

Prepaid Plan Price Reduction for Current Account Owners

How to report Florida Prepaid on FAFSA for financial aid?

If you have a Florida Prepaid Plan, you may wonder how to report it on your Free Application for Federal Student Aid (FAFSA). Here’s how it works:

  • The federal government considers your parents’ assets first when calculating your need-based financial aid eligibility.
  • Your Florida Prepaid Plan is not counted as an asset on your FAFSA if it is used to pay for your tuition and fees at a Florida public college or university.
  • If your Florida Prepaid Plan is used to pay for your tuition and fees at a private college or university, or if you use your Florida Prepaid Plan to pay for room and board, your Florida Prepaid Plan is considered an asset on your FAFSA.
  • The federal government will assume that 5.64% of your Florida Prepaid Plan is available to you to pay for college each year.
  • For example, if you have a $10,000 Florida Prepaid Plan, the federal government will assume that you have $564 available to you to pay for college each year.

Can you get financial aid if you have Florida repaid?

There are a few things to consider when asking if you can get financial aid if you have Florida prepaid. The first is that financial aid is based on need, so if you do not have a demonstrated need for financial aid, you will not be eligible to receive it. The second is that if you have Florida prepaid, you may not be able to use it to cover the entire cost of your tuition and fees, so you may still need to take out student loans or find other forms of financial aid to cover the remaining costs.

  • Can I pay Florida prepaid with credit card? yes, you can pay for Florida prepaid with your credit card.


The Florida Prepaid College Plan is a great way to save for college. It allows you to pay for a certain amount of college credits upfront, so you don’t have to worry about the cost of tuition when you’re ready to go to college. It’s a great way to save money on your college education, and it’s something that every family should consider.

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Michael Ryan
Michael Ryanhttps://michaelryanmoney.com/
A former stockbroker, financial planner, and owner of my own financial planning practice and then a property & casualty agency. I have since retired and decided I want to help individuals and business owners by offering personal financial coaching. And now, I have started my blog - www.michaelryanmoney.com - to bring financial literacy to everyone. In a short time I have already been quoted and featured in US News & World Report, Business Insider, Yahoo Finance, and more (https://michaelryanmoney.com/home/press/) As a financial planner, I helped people from all walks of life. If you have questions about money, I will help you find the answers at www.MichaelRyanMoney.com
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