Am I getting a Florida Prepaid Refund? How to Claim Your Check in one of the biggest 2020 Florida Prepaid Announcements ever with a reimbursement announcement! This post is sponsored by Florida Prepaid College Board. All opinions are my own.
Do I Get a Florida Prepaid Refund? How to Claim Your Check
Turn that frown upside down!
Hey, Florida Prepaid College Plan customers! This is a huge deal. I’m talking monumental. $1.3 billion dollars in refunds. 224,000 Florida Prepaid College Plans. BIG refunds.
Yeah, at first I thought it was too good to be true, too.
The new year loomed overhead and brought with it high hopes, potential, dreams. And yet for my husband and I, we were already planning out our big financial hurdles for the year. A 16-year old car on the fritz. A desperately needed new roof for our home.
Talk about a blessing with good timing.
When Florida Prepaid announced on January 13, 2020 that nearly half of their customers would be getting back approximately $500 million in reimbursements from their Florida Prepaid College Plans, my mouth dropped open. And then I realized, there may be a whole lot of folks who needed to know how to claim their refund too. Are you getting a Florida Prepaid Refund? Here’s everything you need to know, with step-by-step instructions on how to claim your refund check.
Why Are People Getting a Florida Prepaid Refund?
There’s a reason why Florida Prepaid College Savings Plans is the nation’s longest running and most successful prepaid college tuition program.
Florida Prepaid Plan rates are determined by three factors – current college costs, anticipated/assumptive future college costs, and investment returns. Thanks to successive years of lower than projected college tuition and fee increases, the Florida Prepaid College Board determined that it was possible to go back and lower certain Prepaid Plan prices without jeopardizing coverage for future college costs. In many cases, this resulted in accounts where families paid more than necessary for their college plans.
Who Is Eligible for a Florida Prepaid Refund?
So, is your Florida Prepaid College Plan eligible for a refund? Here’s how to tell if you may be eligible:
- You must have purchased a Florida Prepaid College Plan in 2008 or later (not a 529 savings plan).
- Student(s) must be projected to be enrolled in college for the year 2020 or later.
- Note that this may apply to multiple plans per family. More plans equals more refunds!
Claim Your Florida Prepaid Refund
Did you qualify, too? YAY, congrats! This means that you not only have paid off your child’s Florida Prepaid College Plan (huge relief, right?), but now you also qualify for a Florida Prepaid Refund. WINNING! But now what? What happens to leftover Florida Prepaid money?
Being eligible does NOT automatically secure your refund nor bring a check to your hand. There are some additional steps to make sure that you claim your check. Here’s how to claim your college plan refund:
- Contact Florida Prepaid via phone at 1-800-552-4723.
- Press prompt 2 for current Florida Prepaid Plan account information.
- The phone rep can help adjust changes to your Florida Prepaid Plan, including helping you to request your refund.
- Sign into your online Florida Prepaid account or register for online access as an existing customer. Note that you will need your Social Security number/Tax ID number and your Florida Prepaid plan number to create your online account. (I actually had to dig back into my files for the email address I submitted with the original 2008 plan and create an online account. I definitely recommend contacting customer service via phone if you need troubleshooting tips!)
- Once logged in, select the plan details tab.
- If not already selected, choose the plan for the student that you would like to view.
- Scroll down to the Financial Overview section. If a refund is available, there will be a red button labeled “Overpayment Refund.” Click that button.
- Validate your mailing address. Note that you will receive a verification email with subject line “Florida Prepaid Plans Request Confirmation” with a unique security code. Enter the code on the website within 10 minutes to move onto the next step.
- Choose your refund. You can either cash out all or a portion of the amount. Click the red button labeled “Submit Refund Request” to process payment.
- You will receive an email confirmation for the refund request. Keep this for your records until the check arrives.
- Have more plans that qualify for reimbursements? Don’t forget to repeat steps 3-8 to request an additional refund check for each child!
Get Your Refund Check In the Mail
Once submitted, you should get your Florida Prepaid Refund check in the mail in about 6-8 weeks. However, there is a chance of receiving sooner. We actually requested our refund on January 14, 2020. We received our 4-figure check in the mail about 4 weeks later.
The reimbursement check will come via mail, addressed from “State Board of Administration” and not from Florida Prepaid. So be on the lookout so that you don’t accidentally mistake it for junk mail!
***Update: There are still over $200 million in unclaimed Florida Prepaid refunds as of 2021! Hurry and claim your refund now!
2020 Florida Prepaid Savings Code | $50 Savings
With all of the buzz on BIG Florida Prepaid refunds and big savings in 2020, maybe you’ve been waiting for the right opportunity to jump on the prepaid college plan bandwagon. This is it. With the lowest Florida Prepaid plan rates in 5 years with prices that will never increase AND $50 in savings through the end of February 2020, now is the time to invest in a Florida Prepaid College Plan for your child’s college education.
Now through May 31, 2020 you can get your Florida Prepaid application fee waived when you use exclusive 2020 Florida Prepaid Savings Code RAISF23 at checkout. That’s $50 in savings on top of the lowest Florida Prepaid rates in 5 years! But hurry, this $0 application fee savings code won’t last long. The Florida Prepaid $50 promotion code ends on May 31, 2020 – through the rest of open enrollment 2020. Hurry and grab the savings now and lock in your low rate before prices go up!
Florida Prepaid College Plans | Double the Returns
Who knew that investing in my kids’ college education could have double the returns? With both of our Florida Prepaid College Plans now paid off and a HUGE refund check in hand, 2020 is looking to be a BIG year for our family too. I hope this post helps those who may qualify for a 2020 Florida Prepaid Refund. I have to admit that it was a HUGE blessing to receive a payout for both of our plans – with extra funds that can now go toward our family’s future.
If you’re not a part of the Florida Prepaid College Plan family yet, now is the time! Hurry and use 2021 Florida Prepaid Savings Code RAISFPP now through 10/31. Learn more and sign up for a Florida Prepaid College Plan at MyFloridaPrepaid.com. Follow Florida Prepaid via Facebook.com/FloridaPrepaid, Twitter at @FloridaPrepaid and Instagram at @myfloridaprepaid for the latest updates.
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