OPPAGA text logo with graphic of FL historic capitol
OPPAGA text logo with graphic of FL historic capitol

State Board of Administration of Florida

Florida Prepaid College Board

What is the purpose of the board?

The Florida Prepaid College Board was created to help families save for the cost of college. The board manages the Florida Prepaid College Plan and the Florida 529 Savings Plan.

How is the board administered?

The Florida Prepaid College Board is a body corporate with all the powers delineated in s. 1009.971, Florida Statutes. The board is housed administratively within the State Board of Administration (SBA), but independently exercises its powers and duties.

The board consists of seven members, including the Attorney General, the Chief Financial Officer, the chancellor of the Board of Governors of the State University System of Florida, the Chancellor of the Division of Florida Colleges of the Florida Department of Education, or their designees, and three members appointed by the Governor and subject to confirmation by the Florida Senate. The board appoints an executive director who serves as the chief administrative and operational officer.

How does the board help families meet the cost of college tuition?

The board helps families meet the cost of college tuition through the Florida Prepaid College Plan and the Florida 529 Savings Plan.

Florida Prepaid College Plan. The Stanley G. Tate Florida Prepaid College Program offers several plans that allow families to prepay the cost of college tuition, the tuition differential fee, other specified fees, and dormitory housing at today's plan prices.

  • 4-Year Florida University Plan
  • 2 + 2 Florida Plan
  • 4-Year Florida College Plan
  • 2-Year Florida College Plan
  • 1-Year Florida University Plan
  • University Dormitory Plan

Florida 529 Savings Plan. The Florida 529 Savings Plan gives families a way to save for college tuition, fees, and housing, and for other qualified higher educational expenses not covered by the Florida Prepaid College Plan. The 529 savings plan offers eleven investment options designed to meet the needs of investors. These include predesigned portfolio options and individual fund options from which the investor may build a custom portfolio.

For a complete description of the investment options, refer to the Program Description and Participation Agreement.

Who is eligible for the college tuition plans?

Only children who are Florida residents or who have parents or guardians who are Florida residents are eligible for the prepaid college program.  Prepaid plans are only available for purchase for beneficiaries that are in the 11th grade or below.  Florida residency is not necessary for the Florida 529 Savings Plan, and there are no age limitations.

How many students has the Prepaid College Board helped?

Since the inception of the Florida Prepaid College Board, the program has helped nearly 1.2 million Florida families prepare financially for higher education. As of June 30, 2019, more than 518,000 students have attended college using Prepaid Plans.

How large is the college investment program?

As of June 30, 2019, the Florida 529 Savings Plan had more than 80,000 participants and a total market value of $677 million. The average account balance was $8,423.

How are these activities funded?

Revenues to support the operations of the Florida Prepaid College Board come from dividends and interest.

The board's Fiscal Year 2018-19 operating budget, the most recent available, is shown below.

FTEs  14
Salaries and Benefits $ 2,887,644
Other Personal Services  19,000,807
Expenses  376,461
Other Capital Outlay  8,100,000
Total Budget $ 30,364,912
Source: Florida Prepaid College Board.

 

Updates

Lower plan prices.  Due to successive years of lower than anticipated tuition and fee increases, the Florida Prepaid College Board was able to lower Prepaid Plan prices for certain consumers. Prepaid Plan prices were reduced for most Tuition, Local Fee and Tuition Differential Fee Plans purchased in 2008 or later and with a projected college enrollment year of 2020 or later.

COVID-19.  The Florida Prepaid College Board took several steps in response to the COVID-19 crisis in 2020. The Board extended the open enrollment period from April 30 to May 31, 2020, and waived the $50 application fee during this extension. The Board also created the option to defer monthly payments until July 2020.

Where can I find related OPPAGA reports?

A complete list of related OPPAGA reports is available on our website.

Where can I get more information?

Other Reports
2019 Annual Report, Florida Prepaid College Board.
2019 Financial Statements, Florida Prepaid College Board, June 30, 2019.


Websites of Interest
U.S. Securities and Exchange Commission, 529 Plans

What are the applicable statutes?

Chapter 1009 Part IV, Florida Statutes.

Whom do I contact for help?

Kevin Thompson, Executive Director, Florida Prepaid College Board, 850-488-8514, email:  kevin.thompson@myfloridaprepaid.com

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