You have Florida Prepaid questions? We have answers! Here are the 10 Most Common Florida Prepaid Questions for Parents + get up to $500 cash for college when you sign up for 2022 Florida Prepaid Open Enrollment! This post is sponsored by Florida Prepaid College Board. All opinions are my own.
10 Most Common Florida Prepaid Questions from Parents
Oh the places she’ll go. Ok, so wrong book. But you get the point I’m trying to make. This girl is going places. And with time passing by so quickly, I’ll blink and college will be here before I know it.
Saving for college = scary.
Trying to decipher all of that financial college savings jargon = SCARIER!
Parents, I’ve totally been you. Looking at websites to determine the best way to invest in your child’s college future is not an easy task. So much information, so much to consider, and then you add in worry, stress, MONEY and time. This plus all of the financial jargon, rates, and numbers, and it’s easy to see why parents get overwhelmed at the thought of sending their kids to college.
But look up. There’s hope! Ever wanted to know exactly how Florida Prepaid works, from a parent to a parent? As a busy mom of two kids with two Florida Prepaid College Plans now 100% paid off, I’d love to chat with you over a cup of coffee about why this was the best, worry-free decision I’ve ever made for my family. I’m no expert, but I definitely can help you navigate those tough college savings decisions with these Top 10 Most Common Florida Prepaid Questions for Parents. Get all of your difficult questions answered and find out how you can get the BEST Florida Prepaid offer for 2022 – up to $500 cash for college!
New for 2023. Use 2023 Florida Prepaid Savings Code RAIS23 to save $50 off the 2023 application fee at checkout now through February 28, 2023.
Top 10 Most Common Florida Prepaid Questions
No need to Google! I’ve got the most searched for Florida Prepaid questions right here, along with answers to put your mind at ease!
- Is Florida Prepaid a 529? Essentially, yes. Florida Prepaid Plans are specialized 529 plans that “lock in” your college payment investments at a fixed monthly payment to cover 100% of college tuition. This unique “price lock in” takes the guesswork out of “am I saving enough for my child’s college education,” making college savings and investments as painless and stress-free as possible.
- How does a Florida Prepaid Plan work? Florida Prepaid Plans cover 100% costs of college or university tuition and associated fees for your child. Florida Prepaid offers 5 different plans starting as low as $45/month to best fit your family’s budget. Once enrolled in a Florida Prepaid Plan, your fixed monthly payments are determined by the age of your child when you sign up. Florida Prepaid Plans are guaranteed by the State of Florida. So you cannot lose any money on your investment. And if tuition ends up costing more than Florida Prepaid estimated, you don’t have to cover the gap – THEY DO. There is also a dormitory option, if you’d like to pay housing in advance.
- Will my Florida Prepaid payments ever go up? NO! One of the best benefits of having a Florida Prepaid Plan is that you are able to “lock in” the price of college tuition at the time that you enroll. With tuition prices risings, inflation and market unpredictability, locking in college prices now takes the guesswork out of whether parents are saving “enough” for your child’s college future. Your fixed monthly payments will never go up. Period.
- What happens to my Florida Prepaid Plan if my child goes to college out of state? You can still use your plan! The plan will pay the same amount as it would pay at a public college or university in Florida. Students planning to attend an eligible private or out-of-state institution simply complete a Transfer Authorization request to have benefits paid.
- Does Florida Prepaid cover tuition for community college, trade school, or medical school? Yes! Florida Prepaid Plans offer flexibility to transfer the value of the plan purchased to pay costs at any Eligible Educational Institution – including vocational schools and graduate programs.
- Can I transfer my Florida Prepaid Plan? Yes! If the original beneficiary does not use their Florida Prepaid Plan, you can request a refund or transfer the plan to a sibling, step-sibling or other qualified family member.
- Can I cancel my Florida Prepaid Plan? Yes! You may cancel your Florida Prepaid Plan at any time AND for any reason. You may request a refund equal to the payments that you have made, less any fees, usage and refunds.
- Do Florida Prepaid Plans pay for books and supplies? No. A Prepaid Plan covers tuition and other specified fees only. You would need to pair your Prepaid Plan with a Florida 529 Savings Plan to help pay for books, computers, other necessary technology costs, housing, and other Qualified Higher Education Expenses.
- How much does Florida Prepaid pay per credit hour? That depends on what type of plan that you have, when it was purchased, and which college or university your child is attending. There’s usually a specified dollar amount range per credit hour (including tuition fees) for the specified academic year. You can multiply this amount by the number of registered credit hours to determine the total amount to be paid by your plan. For example, a 1-year University Plan covers for 30 University credit hours. If college tuition costs $119 per credit hour, and your child is enrolled for 15 hours a semester, your Prepaid Plan pays for $1,785 for the semester.
- What if my child gets a college scholarship? AWESOME! You can totally use your Florida Prepaid Plan and your scholarship together to pay for even more college expenses! There’s no limit on the amount of scholarships your plan can be used in conjunction with. More college savings!
- And any Prepaid Plan amount NOT used can come back to you as a refund.
2022 Florida Prepaid Savings | Up to $500 Cash for College
Did someone say FREE $500 cash for college? Why yes, I did. For the first time in Florida Prepaid history, families can take advantage of an exclusive 2022 Florida Prepaid Offer – with up to $500 cash for college AND $0 in application fees. That’s HUGE savings for your child’s college future now through 4/30/22! Want to know how this 2022 Florida Prepaid promotion works? Here are the details:
- For New Florida Prepaid Plan Members: For every year of college or university tuition a family signs up for with one of the five Florida Prepaid Plans from May 1, 2021 through April 30, 2022, Florida Prepaid will give you $125 in a Florida 529 Savings Plan, up to 4 years (up to $500)!
- For Existing Florida Prepaid Plan Members: When you add additional yearly coverage for existing beneficiary plans now through April 30, 2022, you can also take advantage of this 2022 Open Enrollment promotion of $125/year in a Florida 529 Savings Plan.
- Florida Prepaid Plans and Florida 529 Savings Plans work well together, not only locking in low rates on college tuition but also helping you save for added college expenses like housing, books, technology and more.
- In order to take advantage of this #Cash4College Promotion, you must open or have an active Florida 529 Savings Plan as well as a Florida 529 Prepaid Plan.
- NO Application Fee: As an added bonus, all families who open a Florida Prepaid Plan can now do so for free! No application fee!
- Promotion Payouts (up to $500) will occur on October 15, 2022, pending completion of all scheduled Florida Prepaid Plan payments from enrollment through September 2022.
So what are you waiting for? With $0 application fees and up to $500 cash in a 529 Savings Plan, this is the best Florida Prepaid promo offer of 2022! Hurry and sign up for your child’s college future now before the Open Enrollment period ends on Saturday April 30, 2022.
Is there a 2022 Florida Prepaid Savings Code for Open Enrollment this year?
Do I need a 2022 Florida Prepaid Savings Code to take advantage of this $500 Florida Prepaid offer and waived application fees? The short answer – NO! New for 2022, there is no need for a 2022 Florida Prepaid Savings Code. That means that everyone can take advantage of the up to $500 cash for college bonus offer without needing to remember a special promotion coupon or savings code at checkout. (And a little less stress too!)
Take advantage of all of the big savings with 2022 Florida Prepaid Promo Offer now through April 30, 2022. 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.
Got Florida Prepaid questions? We have answers! Check out these popular posts for more Florida Prepaid FAQ:
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David A Davis says
Do you know the details on transfers to siblings?
I have 4 kids. All have FL perpaid. For sake of easy math, child 1s plan was $10,000, Child 2’s plan was $20,000, Child 3’s plan was $30,000 and Child 4’s plan was $40,000.
Child 1 is going to get a full ride wherever he goes. If I get a refund on his plan I get $10,000 back… could I instead transfer his pre-paid to child #4, and get a refund of $40,000 on child #4’s pre-paid?
With something this specific regarding your plans, I highly recommend calling FL Prepaid customer service! Here’s their number: 1-800-552-4723
Ugh I know this is an old article, but as the college student is there a way I can protect my prepaid money from my parents withdrawing the money? They keep threatening to steal it and I’m very worried
I’m so sorry that you are dealing with this. For Florida Prepaid College Savings Plans, it would depend on who the Account Owner is on the plan. The account owner is different than the beneficiary (student) of the plan. The account owner of the plan has legal rights over usage. However, you (as student beneficiary) are able to create an account for yourself in the system if you have not done so already (select register for online access – for existing account) so that you can monitor basic account activity. If you would like to talk with a Florida Prepaid representatives, please call 1-800-552-4723 and select prompt 2.