Florida PrePaid College

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tea528

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Nov 8, 2023
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Hi,
I am looking for any updated information on how to best maximize the FL Prepaid College fund for those attending a service academy. Does anyone know how to go about being reimbursed per semester at the FL rate for classes taken at USMA? Any other good options? Thanks!
 
tea528 said:
Hi,
I am looking for any updated information on how to best maximize the FL Prepaid College fund for those attending a service academy. Does anyone know how to go about being reimbursed per semester at the FL rate for classes taken at USMA? Any other good options? Thanks!
Click to expand...
Service academies are free of charge.
 
tea528 said:
Hi,
I am looking for any updated information on how to best maximize the FL Prepaid College fund for those attending a service academy. Does anyone know how to go about being reimbursed per semester at the FL rate for classes taken at USMA? Any other good options? Thanks!
Click to expand...
I don't know about Florida's plan specifically, but I invest in Pennsylvania's 529 plan. Typically, you can withdraw money tax free as a "scholarship offset." In other words, you can withdraw up to the cash value of your child's tuition and fees each semester if those costs are already covered by a scholarship and treat that withdrawal the same as if it had been sent to the college.

Every college, even the SA's I would imagine have published "costs" that are used for these purposes. So, even though the academies don't charge, there should be a published number somewhere on the amount you can use each academic year to make qualified withdrawals from a college savings plan.
 
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