State Plan

Florida 529 Plan

Florida offers two 529 college savings plans, a traditional 529 savings plan called the Florida College Investment Plan, and a pre-paid tuition plan called Florida Prepaid College plan.

Florida College Investment Plan

The Florida College Investment Plan is a traditional 529 plan that allows you to invest money today and reap tax benefits when you withdraw it to pay for qualified education expenses.

Type: Direct – this Florida 529 plan can be purchased directly.

Fund Family: Various

Minimums: To get started you can deposit $250 or set up a monthly payment plan of $25. Subsequent contributions of any amount can be made when it is convenient for you.

Maximum Contributions: Currently, you can contribute up to $418,000 to your Florida 529 plan. Of course, your total amount in the plan can be higher as your investments group. 529 plans typically increase the contribution limit over time, so you may be able to contribute more.

Tax Benefits: Earnings are exampe from State of Florida taxes. In and out-of-state participants get the federal tax benefits.

Residency: Most 529 plans are open to residents of the United States.

You can learn more about the this 529 plan at the official web site.

Florida Prepaid College Plan

Florida also offers a pre-paid tuition plan that lets you lock in today’s rates for college. It can be used to pay for in-state public colleges, most in-state private colleges, some technical schools, and most out-of-state colleges. However, private and out-of-state college expenses will be prorated and may not be fully covered.

For more information about the Florida Prepaid College Plan, visit the official website.