Compare the Plans

The State of Florida offers two affordable tax-free plans for college.

	Anyone, who is 18 years old or older, can purchase a plan. The account owner must be a U.S. citizen or resident alien. The beneficiary (student) must be a child in the 11th grade or younger, and be a U.S. citizen or resident alien. The beneficiary or the beneficiary’s parent/guardian must be a Florida resident.				WHO CAN PARTICIPATE?				Anyone, who is at least 18 years old, may open an account. You may open an account for a child or an adult, including yourself. The account owner and the beneficiary (student) do not have to be Florida residents, but both must be U.S. citizens or resident aliens
	Depends on the type of plan you buy. You may purchase separate plans to cover tuition, local fees, the tuition differential fee and dormitory housing.				WHAT’S COVERED?				Any qualified college expense including tuition, fees, room and board, food, books, supplies, computers, and equipment required by the college and graduate school.
	At any of Florida’s 11 public universities or 28 community colleges. You may also transfer the value of the plan – the same amount the Florida Prepaid College Plan pays a public college in Florida – to most private colleges in Florida, select technical schools and most out-of-state colleges.				WHERE CAN YOU USE IT?				At all eligible public or private accredited universities, community colleges and technical schools anywhere in the country.
	Earnings on qualified withdrawals are exempt from federal income tax and from State of Florida taxes. There are gift tax benefits, too.				TAX BENEFITS				Earnings on qualified withdrawals are exempt from federal income tax and from State of Florida taxes. There are gift tax benefits, too.
	You may make a lump-sum payment, or choose a five-year payment plan or monthly payment that will never increase. The price you pay depends on the plan you select and the age of the child.				CONTRIBUTIONS				To open an account, make an initial deposit of $250, or sign up to make automatic contributions of at least $25 per month from your bank account or through payroll deduction. After that, you decide how much and how often to contribute to your account.
	You may purchase the cost of tuition, local fees and dormitory housing at a fixed plan price today.  The plan guarantees to cover the actual cost at a Florida public college when your child goes to college. Together, the tuition plan, local fee plan and dormitory plan cover about half the total cost of sending a child to a public college in Florida.				HOW MUCH CAN YOU SAVE?				How much you save is up to you. You can contribute as much as $341,000 per student (including contributions to your Florida Prepaid College Plan, if you have one).
	The Florida Prepaid College Plan is financially guaranteed by the State of Florida, so you cannot lose your money.§				RISKS/RETURNS				With the Florida College Investment Plan, investment returns will fluctuate and are not guaranteed. You decide how to invest your money from among the investment options available through the Florida College Investment Plan. The investment options have different levels of risk. You may select investment option(s) with a level of risk that is comfortable for you.
	You don’t have to worry about the stock market. The Florida Prepaid College Plan makes the Investment decisions and assumes the investment risk.				INVESTMENT OPTIONS				You may choose any combination of five different investment options.
	You may get a refund for the amount you paid for the plan at any time, for any reason.				REFUNDS/ WITHDRAWALS				You may withdraw your contributions and earnings at any time, for any reason. Certain tax consequences may apply. For more information, refer to the Florida College Investment Plan Disclosure Statement.
	There is a one-time, nonrefundable $50 application fee. The application fee is discounted for current customers who already have a Florida College Investment Plan for the same beneficiary or if you are opening a Florida Prepaid College Plan and a Florida College Investment Plan for the same beneficiary at the same time. There are no management fees, commissions or sales charges. There is a cancellation fee of up to $50 if you cancel within two years.				FEES				There is a one-time, nonrefundable $50 application fee. The application fee is discounted for current customers who already have a Florida Prepaid College Plan for the same beneficiary or if you are opening a Florida College Investment Plan and a Florida Prepaid College Plan for the same beneficiary at the same time. There is a low annual administration fee of just 34 of 1 percent (75 basis points) of your account balance. There are no commissions or sales charges. There is a $50 cancellation fee.
	Rollovers are not allowed.				ROLLOVERS				You may rollover another 529 college savings plan, a qualified U.S. Savings Bond, a Coverdell Education Savings Account or transfer an UTMA/UGMA to the Florida College Investment Plan without penalty.