Author: Ross, Kathryn Created Date: 2/13/2019 10:06:33 AM . I am filing this complaint because FL Prepaid is using every excuse to not fulfill their obligation:My daughter is in her junior year and I am trying to get refund for unavailable dorm. If the student lives off-campus or in privately held housing, then you may receive a refund equal to the payments that you have made, less any fees, usage and refunds. Basic resources to get you started on your journey toward saving for college. I called Florida prepaid college customer service again in May 2022 inquiring about a college refund and talk to supervisor Cariann. Well guide you through the process. Please read the Master Contract carefully. There are multiple ways to make a payment. Florida Prepaid College Plans may not cover certain fees imposed by state universities or colleges. Does a Florida Prepaid Plan have to be used at a Florida College or State University? As another added bonus for owning a Florida Prepaid Plan, if your student attends a Florida College or State University, they will be considered an in-state resident for tuition purposes because they have a Florida Prepaid Plan. You cannot lose money on your investment. If youre still certain that youd like to cancel, use the Voluntary Cancellation Form. Prepaid Plan prices were reduced for most Tuition, Local Fee and Tuition Differential Fee (TDF) Plans purchased in 2008 or later and with a projected college enrollment year of 2020 or later. Complaint: ******** Press prompt 2 for current Florida Prepaid Plan account information. Fixed payments based on the age of your child. document.getElementById('footer_submit').onclick = validate_footer; The Florida Prepaid College Board does not provide tax or investment advice regarding its Florida Prepaid College Plans or Florida 529 Savings Plan. Florida Prepaid College Plans may not cover certain fees imposed by state universities or colleges. General Information Basic resources to get you started on your journey toward saving for college. You may view your new payment amount by logging into your account, selecting your student, and choosing the specific Plan that you would like to view. The Florida Prepaid College Board has approved the Account Owners request for an Unavailable Dormitory Refund. The current tuition and fee rates are based on a weighted average of fees charged by Florida Colleges and Florida Universities, as applicable. When your student is ready for college, the Plan pays the costs covered under your plan type at any Florida College or State University, even if the cost of college is higher than anticipated when your plan prices were set. For an unavailable dormitory refund, you must submit: Please consider the options above before cancelling your Florida Prepaid College Plan. The Florida Prepaid $50 promotion code ends on May 31, 2020 through the rest of open enrollment 2020. Note that complaint text that is displayed might not represent all complaints filed with BBB. As with any investment, it is possible to lose money by investing in this plan. Movies, Recipes, Crafts, Travel "Mixed" With Family Fun, February 26, 2020Written by Christie | 2 Comments | Family. What if the Beneficiary does not go to college? In the Financial overview section, you can see your next payment due date and new payment amount (if your Plan is not paid in full), and, if you have a refund available, you will see a red button labeled Overpayment Refund. If you or the student move out of state, your plan will continue as if you never left. Heres how to claim your college plan refund: Once submitted, you should get your Florida Prepaid Refund check in the mail in about 6-8 weeks. If the student does not use their Florida Prepaid Plan benefits, you may transfer the benefits to another qualified family member or you may request a refund. Students planning to attend an eligible private or out-of-state institution must complete a Transfer Authorization request before benefits will be paid. Spokeswoman Meredith Westheimer says more than 30,000 families are owed an average of $4,700 each. A: If you do choose to request a refund on the plan, you will not earn any interest and will only receive the deposit back to you, but you do not have to pay taxes on the amounts that are. Online Sign into your online Florida Prepaid account or register for online access as an existing customer. Payments are received and posted approximately 4-6 weeks after invoicing. A: You are able to receive a refund from a Florida Prepaid contract if you receive a scholarship that covers qualified education costs. They did tell me I can close the account, but the penalty for doing so is approximately 50% of the money in the account. Program Description and Participation Agreement, A letter from the University stating that no dorm room is available, Copy of the Beneficiarys class schedule verifying that the Beneficiary is attending college, Copy of the lease agreement (for refund of the Spring semester only). Please see attached letter. We handle all of the investing and, whats more, your investment is guaranteed by the State of Florida. Is your child unable to use the plan, or no longer in need of it? Our Morningstar medal-winning Savings Plan also has some of the lowest fees in the nation. What happens if the cost of college is different than what was expected? As of 2011, the plan had made $1.8 billion in payments to Florida's state colleges and universities, and more than 970,000 beneficiaries were enrolled in the plan. Changes Made During the Period of Schedule Adjustment. If you add supplemental coverage when you purchase a new Prepaid Plan, we waive the additional $10 fee. *In Canada, trademark(s) of the International Association of Better Business Bureaus, used under License. There is a $50 application fee per enrollment period to open a new Florida Prepaid Plan. How many customers go through this problem where the remedy for FP's error is common knowledge? These funds may then be used by the student to offset expenses that are not covered by the Prepaid contract. Please read the Master Contract carefully. The price reductions apply to plans . This reduction was made possible due to successive years of lower than anticipated tuition and fee increases. Terms and Conditions of Registration. If you wish to use your plan early, we recommend that you give us a call approximately six-months prior to college enrollment. Carefully consider the investment objectives, risks, charges and expenses before investing in the Florida 529 Savings Plan. What happens if my student receives a scholarship? 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I have sent a second letter 8/26. That is one of the major advantages of a Prepaid Plan, and its backed by a guarantee from the State of Florida. Please click here to review the Florida Prepaid Coverage Chart. 2-Year Florida College Plan. Jacksonville, Fla. - Today, Governor Ron DeSantis announced the Florida Prepaid College Board will lower Prepaid Plan prices by $1.3 billion, a reduction benefitting 224,000 current customers. Please read the Program Description and Participation Agreement carefully. As instructed, the Florida. Local Fees. By using our site you agree to theTerms and Conditionsand Privacy Policy. BBB is here to help. Every Prepaid Plan is guaranteed by the State of Florida to pay the tuition and fees covered by your plan, and you can never lose what you have paid into the plan. Florida Prepaid only pays Local Fees if you purchased the Local Fees Feature. The Florida Prepaid College Board issues refunds on a semester by semester basis and only to the account owner. Yes! Benefits of Prepaid Plans Risk-Free Guaranteed by the State of Florida, so you can never lose your investment. Florida has always had a well-designed and funded Prepaid College Plan. 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 . University Dormitory Plans are not affected by the price reduction. It is the responsibility of each student to qualify and apply for housing. Have more plans that qualify for reimbursements? You may request a refund equal to the payments that you have made, less any fees, usage and refunds. Prepaid Driver Legal Plan provided by Christenson. The phone rep can help adjust changes to your Florida Prepaid Plan, including helping you to request your refund. Open Enrollment ends April 30, 2023. Open Enrollment ends April 30, 2023. The child or his/her parent or legal guardian must have been a Florida resident for the past 12 months. Thats why we want to see you hold on to the valuable benefits youre eligible for if its at all possible. Contact Florida Prepaid via phone at 1-800-552-4723. The Florida Prepaid College Plan has confirmed the cancellation refund was mailed on January 18, 2023. Please know that I still have not even had my refund process initiated and it is not for not trying. Log in to your account at myfloridaprepaid.com to complete a Transfer Authorization. Can I cancel my Florida Prepaid Plan or withdraw my funds early? While Florida residency is required to purchase a Florida Prepaid Plan, it is not required to keep one. I was also advised refunds may say ***** days but typically are processed within 1-2 weeks from request. Use 2023 Florida Prepaid Savings Code RAIS23 to save $50 off the 2023 application fee at checkout now through February 28, 2023. Will tax documents be received when a Florida Prepaid Plan is used? What happens if you do not live in a dormitory? As with any investment, it is possible to lose money by investing in this plan. Who knew that investing in my kids college education could have double the returns? Submitting a response indicates a willingness to work with customers to make things right. Letter sent On 8/4. With your Florida Prepaid Plan, the value we pay to other schools is the same as we would have paid to a Florida school. It is the responsibility of each student to qualify for admission to the college or university of their choice. document.getElementById('footer_submit').onclick = validate_footer; The Florida Prepaid College Board does not provide tax or investment advice regarding its Florida Prepaid College Plans or Florida 529 Savings Plan. 9. BBB Business Profiles generally cover a three-year reporting period. Scholarship refunds must be requested on a semester-by-semester basis. 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