Florida Prepaid

dnwelly

New Member
Joined
Feb 18, 2020
Messages
9
I was hoping someone would have some recent information regarding Florida Prepaid and service academies. My dd is at USAFA. We have a Florida prepaid and aren’t sure how to maximize the account- request refund and give up all the interest that’s accumulated or what. If she would have receive a full scholarship to A “regular college“ we could have applied for reimbursement of the full amount including interest. Ive read the previous threads and it seems that no one really has an answer on how best to go about this. She’s our youngest so rolling it to another child won’t work. It’s not a 529 so I can’t use those rules. Thanks in advance for any input or info🙂
 

beyond

KπΣ15'
5-Year Member
Joined
Dec 8, 2010
Messages
523
I was hoping someone would have some recent information regarding Florida Prepaid and service academies. My dd is at USAFA. We have a Florida prepaid and aren’t sure how to maximize the account- request refund and give up all the interest that’s accumulated or what. If she would have receive a full scholarship to A “regular college“ we could have applied for reimbursement of the full amount including interest. Ive read the previous threads and it seems that no one really has an answer on how best to go about this. She’s our youngest so rolling it to another child won’t work. It’s not a 529 so I can’t use those rules. Thanks in advance for any input or info🙂

Save it. Requesting a refund is nearly worthless. It will pay for grad school.

-A Floridian/Academy Grad/Applying for B-School
 

Crew Dad

Member
Joined
Apr 25, 2020
Messages
10
I was hoping someone would have some recent information regarding Florida Prepaid and service academies. My dd is at USAFA. We have a Florida prepaid and aren’t sure how to maximize the account- request refund and give up all the interest that’s accumulated or what. If she would have receive a full scholarship to A “regular college“ we could have applied for reimbursement of the full amount including interest. Ive read the previous threads and it seems that no one really has an answer on how best to go about this. She’s our youngest so rolling it to another child won’t work. It’s not a 529 so I can’t use those rules. Thanks in advance for any input or info🙂
When our son attended the USCGA 2011-2015 we had Fla Pre-paid. Each semester we submitted the number of credits that he took at USCGA to Fla Pre-Paid and we were reimbursed at the rate as if he were attending , UF, USF, FSU, etc. We decided to do it this way in the event that if an unforeseen incident occurred and he could not finish at the USCGA we would have the money available to attend a Fla Univ. With respect to Bright Futures It was our understanding that if he decided to leave the Academy before graduation he could use the Bright Futures money for a Fla Univ.
 

lotsofbooks

10-Year Member
Joined
Nov 1, 2008
Messages
34
We had the GET. (WA). It is tied to Fafsa so your college needed to be on the Fafsa list. Academies aren't. My husband couldnt figure out how it could be used for certain expenses after a lot of study..so we didnt use it. She had to use it by age 28. She didn't want it to go to waste so she used it to fund her MA. The AF also helps but she said its a slow trickle of funds and it would take you longer to finish. She took a steady two classes a semester much of the time and finished in Accounting.. The fund paid for a computer...,She also started another online Masters in an animal field. (expensive) but she enjoyed it., I kept saying, "get your education while you are young. You will have longer to benefit.."Its not easy studying while working ft but it's best done before you have other lifestyle commitments. She couldn't really return it back so it could go to her sister --as her sister had the maximum units purchased already. She could have used it for her husband's Masters but we discouraged that. But that would be a viable option, better than paying the capital gains on the account.. Maybe law school?
 
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