Open enrollment for the Florida 529 Prepaid Plan is now through April 30, 2024. This year, Florida Prepaid is celebrating its 35th anniversary with a historic pricing rollback for 2024. These are the lowest Prepaid Plan prices in 10 years, starting at $34/month for a newborn.
The Florida Prepaid Plan allows Florida residents to make monthly or lump-sum payments to cover the future costs of college tuition and fees, with an option to include some housing costs. Depending on the plan type, Florida Prepaid covers costs at any in-state college or university even if the cost is higher than anticipated when the plan prices were set.
This reduction has significant economic benefit to Florida families, as more than 280,000 customers will have Prepaid Plan prices lowered by a collective $1.2 billion. “As long as you make your payments every month or a lump sum, you’ve locked in the price of college. Your monthly payments will never go up,” said Meredith Westheimer, a spokeswoman for Florida Prepaid. “When so many things are going up in price — we see it at the gas pumps — we’re excited to offer this to not only existing customers but new customers as well.”
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Benefits of Florida Prepaid Plans
- Risk-Free-Guaranteed by the State of Florida, so you can never lose your investment.
- Affordable- Buy one year of university at a time, two years of college or all four years at once, based on your budget.
- Flexible-Use the value of your Prepaid Plan in-state or out, at public, private, trade and technical schools nationwide.
- Worry-Free-Cancel anytime for a full refund or transfer to another family member.
- Compatible-Works great alongside scholarships and financial aid to help cover all the costs of college.
Read 5 often overlooked reasons to buy Florida Prepaid
Where can I use my 529 Savings Plan? Use at qualified higher education institutions nationwide, including private and trade and technical schools.
What if we move out of state? Your plan travels with you and can be used at most colleges, universities, technical and trade schools.
How much do most families save? It varies by family. Studies show that many families expect to pay about 40% out of pocket, with scholarships, grants, and loans covering the remaining amount.
What if my child doesn’t go to college? You can cancel the plan and withdraw the remaining balance — or the plan can be transferred to another family member.
Can I use funds for K-12 education? Yes. As of 2019, qualified expenses now include tuition and mandatory fees associated with enrollment or attendance at an elementary or secondary public, private, or religious school. up to $10.000 annuallv.
Tap here to learn why more than 1.2 million families saving for college with Florida Prepaid College Plans.
What types of expenses can my 529 Savings plan cover?
What if my child receives a scholarship? Great! Your 529 Prepaid Plan works great alongside scholarships like Bright Futures. Any unused Prepaid Plan money gets sent back to you each semester as a refund check.
What if already have a 529 Prepaid Plan? That’s even better. You can use a 329 savings Plan to cover costs not covered by your Prepaid Plan, like books, supplies.
For more than 30 years, the Florida Prepaid College Board has managed the largest and most successful prepaid program of its kind. Florida Prepaid is about ensuring Florida families have access to affordable post-secondary education, and expanding educational choices and opportunities.
More than 1.2 million families have saved for college with Florida Prepaid College Plans, and more than half a million students have attended college using Prepaid Plans. The Board also oversees the Morningstar medal-winning Florida 529 Savings Plan, which has been enhanced to include even more investment options.
Read 6 Great Surprises about Florida Prepaid
What’s your favorite Florida University? Tap here to watch all the reasons you should attend the University of Florida. Go Gators.