|
Contributions
Q. Is there a minimum contribution amount?
A.
Yes. If you are opening an account with a check, the
initial contribution required is $250. Each subsequent
contribution you make to your account by check must be
at least $25. Alternatively, if you open an account with
a monthly ACH withdrawal from your bank checking or
savings account or if you sign-up for payroll deduction,
each minimum monthly payment must be $25.
Q. What is the maximum amount I can contribute?
A. The maximum account limit is currently $341,000 per
beneficiary (student). Once the total value of all accounts
for the same beneficiary reaches $341,000, you cannot make
any new contributions, but the market value of the accounts
can continue to grow.
Contributions made in excess of the maximum account limit
will be returned to the account owner.
The maximum account limit is based on the current value
of all Florida Prepaid Plan accounts and the current market
value of all Florida College Investment Plan accounts
combined for the same beneficiary.
The maximum account limit may periodically be increased.
Q. How often do I have to make a contribution?
A. You decide how often you want to contribute to your
account.
Q. Can I have my contributions withdrawn automatically
from my bank account?
A. Yes. You may authorize automatic contributions be
taken directly from your bank account once a month - on the
1st or the 15th - or twice a month, on the 1st and 15th.
Click here for the Automatic Contribution
Form.
Q. Can I make contributions by credit card? Can I
contribute stocks, bonds or other property to my account?
A. No. All contributions must be in cash. Checks, money
orders and bank transfers are considered "cash."
The Florida College Investment Plan will accept a
rollover from another 529 college savings plan, a qualified
U.S. Savings Bond, a Coverdell Education Savings Account
(Education IRA) and transfers from a UTMA/UGMA account.
Refer to Rollovers.
Q. Who can contribute to my account?
A. Anyone can make a contribution to your account.
However, anyone making a contribution, other than the
account owner, forfeits all rights to the contribution once
made. Only the account owner can authorize a withdrawal,
even if someone else has made contributions to the account.
Q. Does the plan offer payroll deduction?
A. Yes. Your employer must first agree to offer
payroll deduction for the plan. Ask your employer to call us
at 1-800-552-GRAD (4723) for more information.
(Back To Main FAQ Page)
|
