Moms, dads, grandparents, aunts, and uncles! Just a reminder that the Florida Prepaid open enrollment ends soon. Start saving now for your child's future by locking in today's college plan rates before it's too late! You still have time, so don't procrastinate. Check out some myths and get the facts about how Florida Prepaid College Plans work.
Thank you to Florida Prepaid College Plan for sponsoring this discussion. All opinions are my own.
How Does a Florida Prepaid Plan Work?
Florida Prepaid Plans allow families to lock in college plan prices and prepay (monthly or lump-sum basis) the future cost of college tuition, local fees, and optional dormitory fees.
When Can You Enroll for a Florida Prepaid Plan?
You can enroll anytime to complete an application by visiting myfloridaprepaid.com. The annual enrollment period is from October 15 to February 28. If you enroll outside of the open enrollment period, you'll receive plan prices when the next open enrollment begins.
Florida Prepaid Myths:
- Myth: Florida Prepaid is restricted to Florida schools.
- Fact: It isn’t restricted to Florida schools; the amount covered by your Prepaid Plan can be used at schools nationwide. Plans can be used in-state, out-of-state, at public or private schools around the world
- Myth: Florida Prepaid can only be used if my child remains a Florida resident.
- Fact: If the beneficiary moves out of Florida after purchasing a Prepaid Plan, your child would still be billed at in-state tuition rates when using their plan at a Florida college or state university. Florida residency is required to purchase a Florida Prepaid Plan, but is not required to keep one. If you or the child move out of Florida, your plan will continue as if you've never left.
- Myth: If my child doesn’t go to college, I lose all that money.
- Fact: If your child doesn’t go to college, you can change the beneficiary of the Prepaid Plan or get your money back. Your refund will be equal to the payments that you have made, less any previous refunds, and a fee of up to $50 per plan or 50% of the amount made, whichever is less, may be assessed upon termination of the plan.
Florida Prepaid Plans also work with scholarshipsYou 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.
FREE Florida Prepaid Webinar
Watch the FREE webinar for all the details! Join the Florida Prepaid College Plans team and Florida Prepaid advocate Cristy Clavijo-Kish to learn more about how families have been using Florida Prepaid for over 25 years to send their children to college. They will introduce you to the program, the plans that they offer, and why it's so important to save early and avoid debt later.
Start Saving for College Now
Don't wait too long since Florida Prepaid Plan prices might increase after the open enrollment period ends!
To get more details on open enrollment and different plan options, check out my previous article that breaks it down:
The clock is ticking! Florida Prepaid College Plans open enrollment ends soon! Check out the FAQs page to have all your questions answered. Don't hesitate to contact Florida Prepaid to speak with someone if you still have questions.
Have you started saving for your child's future? What college plan did you or would you choose? Share and let us know. We'd love to hear it!