Cancellations and Refunds

Q: Will I ever lose money by participating in the Florida Prepaid College Plan?

A: No. If, for any reason, an account owner wants a refund of the money paid into the Program, that amount will be refunded in full, less a cancellation fee of $50 (waived for contracts held for more than two years) or 50 percent of the amount paid into the program, whichever is less.

Q: May I cancel a tuition plan without cancelling the local fee, tuition differential fee and/or dormitory fee plan?

A: No. If you hold a tuition contract and a local fee, a dormitory and/or a tuition differential fee contract, cancellation of the tuition contract will automatically cancel the dormitory and/or local fee contract.

Q: May I cancel a local fee, tuition differential fee and/or dormitory contract without canceling the tuition contract?

A: Yes. You may cancel a local fee, tuition differential fee and/or dormitory contract without canceling the tuition contract.

Q: If I cancel the local fee, tuition differential fee and/or dormitory contract, and then cancel the tuition contract at a later date, do I pay multiple cancellation fees?

A: Yes. A cancellation fee of 50 percent of the monies paid into the plan or $50 (waived for contracts held for more than two years), whichever is less, will be assessed with each cancellation.

Q: If my plans change, may I get my money back or stop making payments? May I request cancellation at any time? How long must I wait for my refund?

A: The account owner may request a refund at any time by writing to the Board. The account owner will receive a refund of monies paid, less any outstanding fees and a cancellation fee of 50 percent of the monies paid into the plan or $50, whichever is less (waived if contract held for more than two years). Once the Board receives a written cancellation request that includes the notarized signature of the account owner, a refund check will be mailed within 45 days. A single cancellation fee will be charged at that time.

Q: If I must cancel my contract, may I reenroll in the Prepaid Plan later at the price I paid for my original contract?

A: No. A person may re-enter the plan during a subsequent enrollment period, but a new contract will be established. It is likely that contract costs will be higher at the time of re-entry than when the person purchased the original contract. For this reason, it is to the participant's advantage to remain in the plan.

Click here to view the Cancellation Form.

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