Plan Benefits

Florida College Investment Plan Benefits

You can withdraw money from your Florida College Investment Plan at any time. The account owner must authorize all withdrawals in writing. Distributions may be made payable to the account owner, to the beneficiary (student) or to any qualified college. For more information about withdrawals, refer to the Florida College Investment Plan Disclosure Statement.

Choice of Colleges

The Florida College Investment Plan may be used at public or private universities, community colleges or technical schools anywhere in the country that are "eligible educational institutions," as defined by s.529 of the Internal Revenue Code (i.e. educational institutions eligible for federal student financial assistance).

Qualified College Expenses

You may use your Florida College Investment Plan for any qualified college expense, including tuition, fees, room and board, books, supplies, computers and equipment. If you decide to make a withdrawal for something other than a qualified college expense, you will be required to pay federal income tax and an additional 10 percent federal tax on any earnings.¹

Scholarships

If the beneficiary (student) receives a scholarship, you may use your Florida College Investment Plan to pay for any qualified college expense that is not covered by the scholarship. Also, you may transfer the account to another beneficiary, or you may request a refund for the amount of the scholarship without incurring the additional 10 percent federal tax; however, the earnings portion of the scholarship refund is subject to federal income tax.

Request a Withdrawal from a Florida College Investment Plan

Withdrawal Form

¹ The account owner is responsible for reporting all withdrawals to the IRS. The earnings portion of withdrawals due to beneficiary death, disability or scholarship is subject to federal income tax but is generally not subject to the additional 10 percent federal tax. Refer to the Florida College Investment Plan Disclosure Statement.