Are you eligible for a refund check from Florida Prepaid? Let’s take a look and learn how to receive your refund. This post is sponsored by Florida Prepaid College Board. All opinions are my own.
In past Florida Prepaid posts I’ve touched on how Florida Prepaid College Plans is giving $1.3 billion dollars in refunds. That’s 224,000 Florida Prepaid College Plans! This post will help you receive your refund if you haven’t already. I for one know that right now in this trying times, any financial relief is greatly appreciated so let’s dive into this. Plus, find out how Florida Prepaid is helping during COVID-19 and get an exclusive 2020 Florida Prepaid Promo Code.
WHY ARE COLLEGE PLAN REFUNDS BEING GIVEN?
On January 13, 2020, Florida Prepaid announced that nearly half of their customers would be getting back approximately $500 million in reimbursements from their Florida Prepaid College Plans. Why, though? This is because Florida Prepaid College Plans are determined by three factors – current college costs, anticipated/assumptive future college costs, and investment returns. The Florida Prepaid College Board then determined that it was possible to lower certain Prepaid Plan prices without losing coverage for future college costs.
WHO CAN RECEIVE A FLORIDA PREPAID REFUND CHECK?
Knowing if you are eligible for a Florida Prepaid refund is actually pretty simple.
- You purchased a Florida Prepaid Savings Plan in or after the year 2008.
- You purchased a Florida Prepaid Savings Plan. Florida Prepaid 529 Plans alone do not qualify.
- The student(s) must be projected to be enrolled in college for the year 2020 or later.
HOW TO CLAIM YOUR FLORIDA PREPAID REFUND CHECK.
If you are eligible for a refund, Florida Prepaid College Board will not automatically mail your refund check. Here are a few steps you must complete in order to receive your check. You can do so online via your account portal or by phone.
- Log into your online Florida Prepaid account. If you have never created an account you will need your social security number and other member information to do so first before moving onto the additional steps.
- Select and click on the “Plan Details” tab.
- If you have multiple students, click on the first student’s account you’d like to view.
- Scroll to find the “Financial Overview” section of the page. If a refund is available, there will be a red button “Overpayment Refund.” Click the red button.
- You will need to validate your mailing address. To do so, you will receive an email confirmation. You have 10 minutes to enter in the security code that will be emailed to you. Look for the email “Florida Prepaid Plans Request Confirmation”. It may go into your spam.
- Choose your refund amount. You may cash out all or a portion of the amount you see. Click the red button “Submit Refund Request” to process payment.
- Complete steps 3-6 if you have more than one student with a Florida Prepaid Plan.
- You will receive a confirmation email. Keep this for your records. Look out for your check in the mail in the coming weeks!
If you prefer to request your refund via phone you may do so in a few steps.
- Contact Florida Prepaid via phone at 1-800-552-4723.
- Press prompt 2 for current Florida Prepaid Plan account information.
- Ask the representative about your refund and they will be able to process the request for you!
HOW LONG DOES IT TAKE FOR MY REFUND CHECK TO ARRIVE?
Your refund check will arrive via regular mail, not direct deposit even if you pay your monthly payments via your bank account. A letter addressed from “State Board of Administration” will arrive. This may take up to 6-8 weeks to arrive. I will say, it only took about 3 weeks for us to receive our check. All three of my refunds were combined into one check.
COVID-19 UPDATES AND SAVINGS
This really is the best time to sign up for a Florida Prepaid Savings Plan with the lowest Florida Prepaid plan rates in 5 years with prices that will never increase. In April Florida Prepaid made some amazing announcements to help Florida families during these difficult times.
All Florida Prepaid College Plan payments for the months of May and June 2020 (April was also included in this) are deferred through July 20, 2020. Meaning you will not have a monthly payment during this time making college savings attainable for more Florida families.
Now through May 31, 2020 you can get your Florida Prepaid application fee waived when you use exclusive 2020 Florida Prepaid savings code DUTY1920 at checkout. That’s $50 in savings on top of the lowest Florida Prepaid rates in 5 years! But hurry, this $0 application fee savings code ends on May 31, 2020 – the end of Open Enrollment 2020.