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A Form 1099-Q will be provided in January of each year to students who have used their Florida Prepaid Plan during the previous calendar year. This is especially significant for children with Florida Prepaid College Plans because they will still be eligible for in-state tuition and fees when they attend a Florida College or State University with their plans.

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If you decide NOT to attend a college the unused Prepaid Plan can be transferred to an eligible family member or a full refund of the funds will be processed.

What happens if i don't use my florida prepaid. Yes you may cancel your Florida Prepaid Plan at any time and for any reason. A Florida 529 Savings Plan can be used at any time. No you will NOT lose the money you invested in the Florida Prepaid College Plan if your child gets a scholarship.

If the student does not use their Florida Prepaid College Plan benefits you may transfer the benefits to another qualified family member or you may request a refund. You may request a refund equal to the payments that you have made less any fees usage and refunds. If you move 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.

So when your child decides to use their plan they will still be billed at in-state tuition rates at a Florida college or state university. Be the first to know about all of our promotions and scholarship opportunities. Moving out of Florida does not affect the benefits of either plan.

If your child decided to attend a different school many state prepaid tuition plans including Florida Prepaid Plans will pay out an amount equal to the weighted average tuition and contractually specified fees at your states public institutions not to exceed the actual tuition and fees you incur. Start your application now. In addition a Form 1099-Q will be provided to an Account Owner who has received a scholarship refund or reimbursement during the year.

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 paid to the board whichever is less maximum of 50 may be assessed upon. And if Steven or Sadie decide to not go to college we can change the beneficiary of the Prepaid Plan or get our money back. If you dont need any additional funds to pay for school you can request a refund and you will receive funds in the same amount that the Florida Prepaid College Plan would have to pay a public Florida college or university for your type of savings plan.

While Florida Prepaid Plans are designed to used at a Florida College or State University the amount covered by the plan can also be applied at other schools nationwide. Every Florida Prepaid College Plan is fully guaranteed by the State of Florida so you can never lose what youve paid in. Check out all the details about the program on their website AFTER you enter to win one of the ten 2-year Florida college plans.

You may transferyour Florida 529 Savings Plan to another eligible student or close the plan and withdraw the remaining balance. As another added bonus for owning a Florida Prepaid Plan if your student attends a Florida College or State University they will be considered an in-state resident for tuition purposes because they have a Florida Prepaid Plan. The Florida Prepaid College Board issues refunds on a semester by semester basis and only to the account owner.

Any earnings that are not used for Qualified Higher Education Expenses are subject to federal and if applicable state income taxes. Secondly you can transfer your plan to another eligible family member or cancel your plan for a full refund of what youve paid in. If you or the student move out of state your plan will continue as if you never left.

In addition there is a 10 federal tax penalty on the earnings not used for Qualified. The answer to this is YES. LEGOLAND Florida and Florida Prepaid have come together to encourage Florida families to support their childrens imagination while saving for their college education.

While Florida residency is required to purchase a Florida Prepaid Plan it is not required to keep one. If you dont use your prepaid card often you may want to shop for a card that charges a fee per transaction instead of a monthly fee and doesnt charge an inactivity fee. If you have not used your card for several years it may have expired and some or all of the balance on your card may be turned over to the state as unclaimed property.

Scholarship Refund You can request a refund from your prepaid college plan if the beneficiary has received a scholarship. If the student does not use their Florida Prepaid Plan benefits you may transfer the benefits to another qualified family member or you may request a refund. The amount covered by your Prepaid Plan can be used at schools nationwide.

And remember every Florida Prepaid Plan is guaranteed by the State of. Any purchased Florida Prepaid College Plan purchased before leaving the state will stay valid even if you move out of Florida. For the month of April Florida Prepaid is partnering with LEGOLAND Florida to offer families a special promotion so your family can get 50 off LEGOLAND Florida tickets for 3 family members the child who has the Prepaid plan.

But hey dont take my word for it. You have several options including the option for a refund. Florida Prepaid isnt restricted to Florida schools.

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 paid to the board whichever is less may be assessed upon termination of the plan.