To open a 529 plan in Florida, you apply through the Florida Prepaid College Board at myfloridaprepaid.com and choose between two plans it administers: the Prepaid Plan, which locks in the cost of Florida public college tuition and fees at today’s prices, or the Investment Plan, whose balance rises and falls with the market and can cover a broader set of school expenses.1529 College Savings Plans | Florida Prepaid College. About The Prepaid Plan has a Florida residency requirement and a limited annual enrollment window; the Investment Plan does not. Which one you can open, and when, depends on those two facts more than anything else.
Which Plan Fits Your Situation
The Prepaid Plan suits families who want certainty about tuition costs at Florida public colleges and universities. You buy coverage in one-year increments, up to four years, and the State of Florida guarantees the plan will cover the future cost even if tuition rises above what you paid. Monthly payments are fixed based on the child’s age at enrollment, so the younger the child, the lower the payment.
The Investment Plan gives more flexibility. You set the contribution amount, choose your investment strategy, and can use the funds for a wider range of expenses including tuition, housing, meal plans, and books. Balances grow (or fall) with market performance rather than tracking tuition.2529 College Savings Plans | Florida Prepaid College. Overview of Plans
You can open one or both. Nothing prevents pairing a Prepaid Plan for tuition with an Investment Plan for everything else.
Who Can Open Each Plan
Prepaid Plan
The child (beneficiary) or their parent or legal guardian must have been a Florida resident for at least 12 months before the application date. The child must be between newborn and 11th grade at the time of enrollment. The account owner — the person purchasing the plan — can be any U.S. citizen or legal resident who is at least 18 with a valid Social Security number, and does not have to be the parent. Grandparents, aunts, uncles, and family friends all qualify as purchasers.3Florida Prepaid College Board. Do I Have to Be a Florida Resident to Enroll in a Plan?
Investment Plan
Any U.S. citizen or resident alien who is 18 or older may open an account. The beneficiary must be a Florida resident with a valid Social Security or Taxpayer Identification Number, but there is no 12-month waiting period and no age restriction. You can open an Investment Plan for a child or an adult.4Florida Prepaid College Program. Program Description and Participation Agreement
When You Can Enroll
The Prepaid Plan has a limited annual enrollment window that typically opens on February 1. You can only purchase a new Prepaid Plan during this period, so timing matters. Check the Florida Prepaid website for the current closing date, since it can shift from year to year.5Florida Prepaid College. Lock in College Costs Starting at $29/Month: Florida Prepaid Open Enrollment Starts February 1
The Investment Plan accepts new enrollments year-round. Open the account any day and begin contributing immediately.2529 College Savings Plans | Florida Prepaid College. Overview of Plans
What to Gather Before You Apply
Both applications ask for the same core information about the account owner and the beneficiary. Have these ready:
- Social Security numbers for both the owner and the child.
- Dates of birth. For the Prepaid Plan, the child’s age also determines pricing.
- Your bank account and routing numbers, for the initial payment or recurring transfers.
- Successor owner information. You name someone to take over the account if you die, which keeps it out of probate.
How to Apply
Applications for both plans go through myfloridaprepaid.com. If you prefer paper, mail the application to the Florida Prepaid College Board at PO Box 31088, Tampa, FL 33631-3088.6529 College Savings Plans | Florida Prepaid College. Contact Us
For the Prepaid Plan, you select how many years of tuition coverage you want (one through four) and whether to add dormitory housing coverage. Pricing is calculated from the child’s age. You finalize the application with an electronic signature that binds you to the participation agreement.2529 College Savings Plans | Florida Prepaid College. Overview of Plans
For the Investment Plan, you choose an investment strategy and set your initial contribution. The plan offers an age-based Enrollment Year Portfolio that shifts toward more conservative holdings as the child nears college, a set of static Professionally Designed Portfolios in both active and index versions, and a Build Your Own option that draws from 22 individual investment options.7Florida Prepaid College Plans. Investment Options The Investment Plan has no application fee. The Prepaid Plan may charge an application fee during some enrollment periods, though recent cycles have waived it — check the current enrollment notice for the latest.8Florida Prepaid College Board. Notice for the Stanley G. Tate Florida Prepaid College Program Open Enrollment Period
Funding the Account
Once your application is approved, you fund the account with a one-time lump sum or automatic bank transfers. Prepaid Plan payments are fixed monthly amounts tied to the child’s age and the coverage years selected. Investment Plan contributions are whatever amount and schedule you choose.
Florida’s 529 plans have no annual contribution limit, but the maximum account balance per beneficiary is $500,000. Once a beneficiary’s balance reaches that cap, no additional contributions are accepted until it drops below.9Florida Prepaid College. Is There a Maximum Account Balance or Contribution Amount?
Contributions are treated as gifts under federal tax law. In 2026 you can contribute up to $19,000 per beneficiary ($38,000 for married couples) without triggering gift tax reporting. A special five-year election lets you front-load up to $95,000 per person, or $190,000 for married couples, in a single year by spreading the contribution over five years on your gift tax return.10Internal Revenue Service. IRS Releases Tax Inflation Adjustments for Tax Year 202611Office of the Law Revision Counsel. 26 USC 529 Qualified Tuition Programs
Using the Plan Outside Florida
Both plans can be used at eligible colleges and universities nationwide, not only Florida public schools, but the Prepaid Plan behaves differently outside the Florida public system. At a private or out-of-state school, Florida Prepaid pays the same amount it would have paid to a Florida public institution, and you are responsible for any difference. To use the plan out of state, you log into your account and submit a School Authorization request; most schools then invoice Florida Prepaid directly. The exact benefit amount per credit hour is finalized each year when Florida public school rates become available, typically in late August.12Florida Prepaid College. Customer 101: Attending College Out-of-State The Investment Plan is simpler: you withdraw funds to pay any qualifying institution.
If You Change Your Mind
You can cancel a Prepaid Plan at any time and for any reason. The refund equals the payments you have made, minus any administrative fees, prior usage, and previous refunds. Specific fee amounts are in the Program Description and Participation Agreement.13Florida Prepaid College. Can I Cancel My Prepaid Plan or Withdraw My Funds Early? The Investment Plan lets you withdraw at any time, though non-qualified withdrawals bring federal income tax on the earnings portion plus a 10 percent penalty.