Florida 529 Plan: What College Savers Should Know

There are two Florida 529 plans — a traditional college savings account and a prepaid tuition plan.
portrait of Lyss Welding
Lyss Welding
Read Full Bio

Higher Education Research Analyst

Lyss Welding is a higher education analyst and senior editor for BestColleges who specializes in translating massive data sets and finding statistics that matter to students. Lyss has worked in academic research, curriculum design, and program evalua...
Updated on December 8, 2023
Edited by
portrait of Rebecca Long
Rebecca Long
Read Full Bio

Editor & Writer

Rebecca Long is a copy editor for BestColleges. She has nearly a decade of editorial experience, including writing and editing. As a freelance journalist, her work has been published in The Boston Globe, The Guardian, Slate, and others. She has also ...
Fact-checked by Chloe Appleby
Learn more about our editorial process
Image Credit: Don Juan Moore / Contributor / Getty Images Sport / Getty Images

In September 2023, Florida held about $1.15 billion in 529 plans.[1] 529s are investment accounts that help people save for college for themselves or for beneficiaries like children or grandchildren.

Most states allow residents to deduct their 529 plan contributions from their taxes. However, Florida doesn't have a personal income tax, so Florida residents don't get to deduct 529 plan contributions from their taxes.

Still, Florida residents can contribute up to $418,000 in total to college savings plans.[2]

Florida 529 Plans

Florida offers two 529 plans. One is an investment account, meaning it gains and loses returns with the stock market. The other is a prepaid tuition plan. Learn more about each plan below.

Florida 529 Savings Plan

  • Requires State Residency? Yes
  • K-12 Expenses Eligible? Yes
  • Fees: 0.02-0.74%
  • Performance Notes: After fees, the Enrollment Year 2024 investment option has gained 3% in average annual returns since its creation. (We last updated our notes in November 2023.)

Florida 529 Prepaid Plan

  • Requires State Residency? Yes
  • K-12 Expenses Eligible? No
  • Fees: None
  • Performance Notes:
    • While Florida's 529 prepaid plan is designed to pay for college at Florida public schools, you can use funds from the plan to pay for other colleges nationwide.
    • Prepaid 529s work a little differently. You pay money for tuition now, knowing that tuition is likely to increase in the future. Florida guarantees that if tuition exceeds the growth of your prepaid account, it will cover the difference.