Aiming to provide Florida families with an affordable means to save for their children’s future college education, the Florida Legislature created the Florida Prepaid College Program in 1987. Mr. Stanley Tate was instrumental in the early development of the Florida Prepaid College Board and served tirelessly as Chairman of the Board during the program’s first 18 years, from 1987 to 2005. In recognition of Mr. Tate’s service, Governor Jeb Bush signed House Bill 263 into law on June 26, 2006, renaming the program the Stanley G. Tate Florida Prepaid College Program.
The Florida Prepaid College Plan allows parents, grandparents, businesses and others to lock in the cost of college today. With the Florida Prepaid College Plan, you don't have to worry about the stock market or if you will have enough money saved. There are three different tuition plans, a dormitory plan, and a local fee plan covering other required college fees. You can use the plan at any of Florida's 11 state universities or 28 community colleges, most private colleges in Florida, select technical schools and most out-of-state colleges. Earnings on qualified withdrawal are exempt from federal income tax and from State of Florida taxes. There are gift tax benefits, too. The Florida Prepaid College Plan is financially guaranteed by the State of Florida. You cannot lose your money, and you can get a refund anytime, for any reason.
For more information on the Florida Prepaid College Program, visit their website at http://www.florida529plans.com.