No. Having a scholarship does not guarantee admission to any Florida college or university.
Another great feature of a Florida Prepaid Plan is that the value of the plan purchased may be applied toward the costs at any Eligible Educational Institution. At state institutions in Florida, we will convert college hours to university hours and vice versa to ensure that you get maximum value for your plan. As an example, benefits available under a 2-Year Florida College Plan or a 4-Year Florida College Plan can be paid to a State University. Similarly, benefits available for a 4-Year Florida University Plan or a 1-Year Florida University Plan can be paid to a Florida College. Please keep in mind, in the first example above, Florida College Plan benefits paid to a State University will deplete the plan at a faster rate because the cost per credit hour at a State University is generally higher than the cost of a credit hour at a Florida College. The student will be responsible for any difference not covered by their plan.
Yes. We will transfer the value of the plan purchased to pay costs at any Eligible Educational Institution – including vocational schools and graduate programs. Students planning to attend an eligible private or out-of-state institution must have a Transfer Authorization request completed by the Donor Organization before benefits will be paid. The Transfer Authorization includes additional details about how these schools are paid.
If a scholarship recipient earns an additional scholarship, such as a Bright Futures scholarship, the student can still use the full value of the Foundation Scholarship. The Foundation recommends utilizing the Foundation Scholarship first and the additional scholarships second. The Prepaid College Scholarship can only pay specific tuition and registrations fees while most other scholarships may be used for other college expenses such as books, transportation or housing.
The account owner of the private contract may request a scholarship refund, transfer the plan to another family member or allow the beneficiary to use the private contract after he/she has depleted the scholarship.
Yes. 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. In addition, a Form 1099-Q will be provided to an Account Owner who has received a scholarship refund or reimbursement during the year. For specific tax information, please consult an investment adviser or certified public accountant.
Any time spent by the qualified beneficiary in the military service extends the time for receiving contract benefits under all contract plans. Please contact your donor organization for additional information.
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