Will Florida Prepaid Plan disqualify us from FAFSA loans?
My daughter is starting college next fall and we've been saving with Florida Prepaid since she was 3. Now I'm trying to figure out the whole financial aid situation, but I'm getting confused. If she already has the Florida Prepaid plan covering her tuition, are we still eligible to apply for FAFSA loans? The prepaid plan only covers tuition at state schools, but not room and board, books, etc. I'm worried that having the prepaid plan might disqualify us from getting any federal loans through FAFSA. Anyone know how this works? Thanks!
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Maya Patel
You can absolutely still apply for FAFSA even with Florida Prepaid! We have FL Prepaid for my son and still got federal loans. The prepaid plan is considered an asset but it doesn't disqualify you. Fill out the FAFSA asap!!
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Isabella Brown
•Oh that's a relief! Do you know if having the Florida Prepaid affected your SAI score (the amount they expect you to contribute)? I'm just worried we won't qualify for much because of it.
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Aiden Rodríguez
not sure but FL prepaid might count as an asset on the FAFSA form which could affect how much aid u get approved for
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Emma Garcia
•It does count as an asset, but it's not as bad as you might think. The value that gets reported isn't the full value of the plan, but rather what you've paid in so far. And remember the FAFSA calculation only counts about 5.64% of parent assets toward the SAI calculation, so it won't impact eligibility as much as people fear.
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Ava Kim
As someone who works in financial aid, I can clarify this for you. Yes, you can (and should) still apply for FAFSA even with Florida Prepaid. The Florida Prepaid plan is considered a 529 plan asset, which is reported on the FAFSA. However: 1. Only a small percentage (5.64%) of parent assets impact your SAI calculation 2. The Florida Prepaid will only cover tuition and fees at Florida public institutions 3. FAFSA can still provide access to federal student loans, which your daughter may need for room and board, books, etc. 4. She might still qualify for some grants depending on your family's financial situation Complete the FAFSA as early as possible for the best chance at available aid. And remember that the FAFSA is now using the 2024-2025 application, which follows different rules than previous years.
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Isabella Brown
•Thank you so much for the detailed explanation! This makes me feel much better. One more question - when reporting the Florida Prepaid on FAFSA, do I need to list the current value somewhere? Or does it get reported directly from Florida Prepaid?
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Ethan Anderson
You definitely still need to fill out the FAFSA! My daughter has Florida Prepaid too, and we still qualified for unsubsidized loans which was a HUGE help for covering her apartment, meal plan, and other expenses. The Florida Prepaid only covered about 60% of her total costs, honestly. Don't skip the FAFSA!!
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Layla Mendes
•yep same here. the prepaid plan is nice but doesnt cover everything. my kid still needed loans for the rest
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Emma Garcia
You should report the value of the Florida Prepaid on your FAFSA as a parent-owned 529 plan. The instructions on the 2024-2025 FAFSA will guide you through reporting it correctly. As others have mentioned, it's considered a parental asset which means only a small percentage impacts your aid eligibility. Your daughter will still have access to federal loans regardless of your income or assets. Also, don't forget that even if the Florida Prepaid covers all tuition, federal loans can be used for room and board, books, transportation, and other legitimate educational expenses.
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Isabella Brown
•Thank you for explaining this! I was so confused about how to report it and how it would affect us.
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Aiden Rodríguez
on a side note has anyone tried calling the fafsa helpline lately?? i keep getting disconnected after waiting like an hour its so frustrating!!
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Lucas Notre-Dame
•I had the same problem but found a service called Claimyr that helped me skip the FSA phone queue. It was a lifesaver when I needed to resolve some verification issues with my son's FAFSA. They connected me directly to an agent without the endless wait. Check out their demo at https://youtu.be/TbC8dZQWYNQ or visit claimyr.com. Saved me hours of frustration!
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Ethan Anderson
Also, don't forget that having Florida Prepaid might actually HELP with other financial aid applications! When my daughter applied for scholarships, several of them looked favorably on the fact that we had planned ahead with Florida Prepaid. So make sure your daughter applies for institutional and private scholarships too!
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Isabella Brown
•That's a great point! I hadn't even thought about how it might help with scholarship applications. Do you have any recommendations for where to look for scholarships besides the college itself?
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Ava Kim
To answer your follow-up question: You need to report the Florida Prepaid Plan as a 529 plan asset on the FAFSA. Use the current value (what you'd receive if you canceled the plan today), not what you've paid in total over the years. Florida Prepaid doesn't report the value directly to FAFSA - you need to include it yourself when listing parent-owned education savings accounts. Also, remember the 2024-2025 FAFSA uses the new SAI formula instead of EFC. Under this system, having prepaid tuition has even less impact on aid eligibility than before.
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Isabella Brown
•Thank you for the clarification! I'll contact Florida Prepaid to get the current value before filling out the FAFSA. Really appreciate everyone's help with this.
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Santiago Martinez
Just wanted to add that you should also check if your daughter's college participates in Florida's Bright Futures scholarship program! If she qualifies, that combined with Florida Prepaid can really maximize your savings. We found that having the prepaid plan actually made us more strategic about applying for other aid since we knew tuition was covered. Also, make sure to submit your FAFSA before any state deadlines - Florida has some state grant programs that require early submission and having prepaid doesn't disqualify you from those either!
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Zane Gray
•This is such helpful advice! I hadn't even thought about Bright Futures - my daughter does have good grades and test scores so she might qualify. Do you know if there's a separate application for Bright Futures or does it automatically consider students who meet the requirements? And thanks for mentioning the state deadline - I'll make sure to check Florida's specific requirements for state aid programs.
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StormChaser
•For Bright Futures, students are automatically considered if they meet the academic requirements and submit their FAFSA by the Florida deadline (usually May 15th for priority consideration). Your daughter doesn't need a separate application - the high school will submit her transcript and test scores directly to the state. Just make sure her school knows she's planning to attend a Florida college so they include her in the Bright Futures evaluation process. The combination of Florida Prepaid + Bright Futures can be amazing - my neighbor's daughter basically had her entire education paid for with those two programs!
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Freya Andersen
As a newcomer here, this thread has been incredibly helpful! I'm in a similar situation with my son who will be starting college next year and we also have Florida Prepaid. Reading through all these responses really put my mind at ease about still being able to apply for FAFSA. I had no idea about the SAI calculation only using 5.64% of parent assets - that's way less impact than I was worried about. Also really appreciate the tips about Bright Futures and state deadlines. Definitely going to look into that scholarship program and make sure we submit everything early. Thanks everyone for sharing your experiences!
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