Can Florida Prepaid Funds Be Transferred To A Sibling?

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As a parent you are always working at financially preparing for the future. As a Florida resident, this means you are researching Florida Prepaid College Plans. You may ask Can Florida Prepaid Funds Be Transferred To A Sibling? I have the answer for you. This post is sponsored by Florida Prepaid College Plans, through my role as a Believer Blogger. All thoughts are my own.

Can Florida Prepaid Funds Be Transferred To A Sibling?

Florida Prepaid College Plans allow you to start saving for your child’s college education now. By starting to save for college early, you have the opportunity to save money as well as give you piece of mind. I know, as a parent, one of the biggest financial stresses we face is how we are going to save for college. Well, Florida Prepaid College Plans gives us multiple Prepaid Plan options that fit within all budgets. In fact, Florida Prepaid College Saving Plan prices are the lowest they have been in five years. Making today the best day ever to start saving for college.

I know that making the decision to enroll in a Florida Prepaid Plan is still a big financial decision. I know that making a big financial decision requires research to all the questions you may have. I know that making a big financial decision sometimes has risks. But I am here to tell you, not only from what I learned in research about Florida Prepaid but from personal experience, that an investment in Florida Prepaid College Plans is a guaranteed investment. You can not lose the money you put into a Florida Prepaid Plan.

As you are thinking about opening a Florida Prepaid Savings Plan, one of the questions that may come up is if the funds are transferable.

What If You Child Decides Not To Go To College?

What If Your Child Gets a Scholarship?

Can the Beneficiary be changed if your student decides to not go to college or if they get a scholarship?

Yes! Florida Prepaid can transfer to a sibling.  Florida Prepaid Plan benefits can be transferred from one student to another family member of the student. The new student that you would like to transfer the Florida Prepaid College Plan funds to must be a resident of Florida and must be able to use the plan within the original 10-year benefit period.

What does the “10-year benefit period” mean?

The 10 year benefit period means that your student has 10 years from their projected college enrollment date to use the plan. So, if your student is projected to start college in 2025, they have until 2035 to use their Florida Prepaid Savings Plan funds.  If you would like to transfer your Florida Prepaid College Plan funds to a sibling, they also must be able to use the funds within that time frame.

To request a transfer of Florida Prepaid Benefits, get started by using this Florida Prepaid College Plans Benefits Transfer form

You also have the option of requesting a refund it you would rather not transfer your Florida Prepaid funds to a sibling. Your refund will be equal to the payments that you have made, less any previous refunds, and a fee of up to $50 per plan or 50% of the amount paid to the board, whichever is less, this amount may be assessed upon termination of the plan.

An investment in Florida Prepaid College Plans is not only a guaranteed investment in your child’s future, it is also a guaranteed financial investment.  An investment that you don’t have to lose sleep over.  An investment that you can feel good about. An investment in your child’s future.

You will not lose the money you invest in a Florida Prepaid College Plan.

You can transfer Florida Prepaid Funds to a sibling.

You can start saving for the future now.

If you still have questions about Florida Prepaid, check out the Florida Prepaid College Plan FAQs

And if you still have questions, the Florida Prepaid College Plans phone number is 1-800-552-4723, their customer service team is outstanding and will definitely have the answers to any additional questions you may have.

If you are looking for information on the Florida Prepaid pricing reduction and how that benefited current customers as well as customers who had their Florida Prepaid Plans paid in full (like us!), you can read about that here.

Can Florida Prepaid Be Transferred To A Sibling?  Yes. Absolutely.

Learn more about Florida Prepaid College Plans online and feel free to follow Florida Prepaid College Plans on Facebook, Twitter, and YouTube to stay up to date with information on Open Enrollment but get tips on college and more.

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