529 Plans & FL Prepaid
Education savings and prepaid plans can provide another way to help pay for your education at Summit Salon Academy. Because these plans can be structured differently and administered by different organizations, understanding the type of plan you have is an important first step.
Explore 529 & Prepaid Plan Information
Education Savings
What Is a 529 Plan?
A 529 plan is an education savings vehicle named for Section 529 of the federal tax code. 529 plans are designed to help families save or prepay for eligible education expenses.
529 plans may generally be structured as prepaid plans or investment/savings plans, and the way funds are accessed depends on the specific plan.
Prepaid vs. Investment/Savings Plans
Plan Type
Prepaid Plans
A prepaid plan is designed to prepay specified future education costs. The benefits available when the student attends school depend on the specific prepaid plan or contract.
Plan Type
Investment / Savings 529 Plans
An investment or savings 529 plan allows funds to be contributed and invested for future qualified education expenses. The account's value can change based on the applicable investment options and market conditions.
These accounts may be administered by Florida Prepaid College Board or by another state program or 529 plan provider.
529 Basics
The 411 on 529s
Watch this video from Florida Prepaid College Board for an additional overview of 529 education savings plans.
Understanding Florida Prepaid
Florida Prepaid Is More Than One Type of Plan
Florida Prepaid College Board administers education savings plans that include prepaid and investment-based options.
Students may also have previously established Florida Prepaid plans or contracts. The benefits available to a student depend on the specific plan or contract.
Florida Prepaid Plans
Florida Prepaid's prepaid plans provide benefits based on the applicable prepaid plan or contract. Florida Prepaid currently describes its Prepaid 529 Plan as a plan designed to lock in eligible tuition and fee costs, subject to the terms of the plan.
Florida Investment 529 Plan
Florida Prepaid also administers an Investment 529 Plan. Investment-plan funds may be used for eligible education expenses, subject to the applicable plan requirements.
You May Have More Than One Plan
Florida Prepaid allows families to use Prepaid and Investment plans together. If you have more than one education savings or prepaid plan, let the Financial Aid Office know so your available resources can be considered when developing your finance plan.
Not Sure What Type of Plan You Have?
Before requesting payment, identify the organization that administers the plan and whether the account is a prepaid plan, an investment/savings 529 plan, or another previously established Florida Prepaid plan. The payment process may differ depending on the plan.
Visit Florida PrepaidUsing a 529 Investment or Savings Plan at Summit
If you have an investment or savings 529 plan, let the Financial Aid Office know before your payment arrangements are finalized. The process for requesting funds depends on the organization administering your account.
Investment / Savings 529 Plans
Your 529 May Be Administered by Different Organizations
An investment or savings 529 account may be administered through a bank, financial institution, state 529 program, or another 529 plan provider.
Florida Prepaid College Board also administers an Investment 529 Plan. Having a Florida Prepaid account does not necessarily mean you have a prepaid tuition plan.
How to Use Your 529 Plan at Summit
Step 1
Tell the Financial Aid Office About Your 529 Plan
Let the Financial Aid Office know that you intend to use funds from an investment or savings 529 plan to help pay your educational costs.
Step 2
Receive Your Summit Finance Plan
The Financial Aid Office will prepare your applicable finance plan showing your scheduled educational costs and payment arrangements.
Step 3
Provide Your Finance Plan to the 529 Plan Administrator
Provide your Summit finance plan and any other information required by the organization handling your 529 plan so the applicable distribution can be requested.
Step 4
Arrange Payment According to Your Plan
Follow your plan administrator's requirements for issuing payments according to your Summit payment schedule. Payment procedures may vary by provider and account.
Florida Prepaid College Board
Using a Florida Investment 529 Plan
If you have Florida Prepaid's Investment 529 Plan, the Account Owner can request a withdrawal from the account or request that funds be paid directly to the school.
This process is different from using a Florida Prepaid prepaid plan. If you are unsure which type of Florida Prepaid plan you have, confirm your plan type before requesting payment.
Access Florida PrepaidCheck Your Plan's Distribution Requirements
The organization administering your 529 account establishes the requirements for requesting and issuing distributions.
Check with the plan administrator or account owner for the documentation, payment method, and timing requirements that apply to your specific account.
Keep the Financial Aid Office Informed
Let the Financial Aid Office know if your plan administrator changes the amount or timing of a scheduled payment so your Summit finance plan can reflect your expected payment arrangements.
Using a Florida Prepaid Plan at Summit
If you have a Florida Prepaid prepaid plan or previously established Florida Prepaid contract, let the Financial Aid Office know before your payment arrangements are finalized. The amount available to pay toward your Summit Salon Academy costs depends on the specific plan or contract.
Florida Prepaid Plans
Your Available Benefit Depends on Your Plan
Florida Prepaid plans can be used at eligible private, trade, and technical schools. The amount Florida Prepaid pays is based on the applicable plan type.
If the amount available from your Florida Prepaid plan is less than your Summit Salon Academy charges, you are responsible for the remaining balance.
How to Use Your Florida Prepaid Plan
Step 1
Complete Summit's Florida Prepaid Transfer Form
Complete the Florida Prepaid Transfer Form so Summit Salon Academy can begin coordinating use of your Florida Prepaid benefits.
Complete Florida Prepaid Transfer FormStep 2
Authorize Summit Through Florida Prepaid
Florida Prepaid requires students attending a private institution to have the applicable school authorized before prepaid plan benefits are paid.
The Account Owner should log in to the Florida Prepaid account, access the student's Prepaid Plan, select the option to use the plan, and complete the School Authorization for the school the student will attend.
Log In to Florida PrepaidStep 3
Contact the Financial Aid Office
Contact the Financial Aid Office so Summit Salon Academy can determine the available value of your Florida Prepaid plan.
Step 4
Receive Your Summit Finance Plan
Once the available Florida Prepaid plan value has been determined, the Financial Aid Office will develop your applicable Summit finance plan. If you are using other sources of financial assistance, those resources may also need to be considered when your payment arrangements are finalized.
Step 5
Complete Summit's Billing Authorization
On the first day of classes, come to the Financial Aid Office to place the required ink signature on Summit's Florida Prepaid Transfer Form authorizing the Academy to bill Florida Prepaid.
Important
Florida Prepaid Authorization & Summit's Transfer Form
Students using a Florida Prepaid prepaid plan at Summit may have steps to complete with both Florida Prepaid and Summit Salon Academy.
Completing Summit's Florida Prepaid Transfer Form does not replace the applicable Florida Prepaid School Authorization process.
How Florida Prepaid Pays Summit
After the required School Authorization is completed, Florida Prepaid allows the eligible private school to invoice Florida Prepaid for the applicable prepaid-plan benefit.
The amount paid depends on the specific plan. Florida Prepaid states that benefits used at an eligible private school are based on the plan type and the amount the applicable plan would pay at a Florida public institution.
Your Plan May Not Cover Your Full Summit Balance
The value available from a Florida Prepaid plan may differ from Summit Salon Academy's tuition and applicable charges.
You are responsible for any remaining balance not covered by your Florida Prepaid benefits or other accepted financial assistance.
Have an Older Florida Prepaid Plan?
You may have a previously established Florida Prepaid plan or contract with benefits that differ from Florida Prepaid's currently marketed plans.
Let the Financial Aid Office know what Florida Prepaid plan you have so the available plan value can be determined before your Summit payment arrangements are finalized.
Coordinating Your Plan With Financial Aid
A 529 or Florida Prepaid plan can be one part of your overall strategy for paying for school. If you are also seeking financial aid, scholarships, or other financial assistance, let the Financial Aid Office know about the education savings or prepaid resources you plan to use.
Build Your Payment Strategy
Your Plan Can Be Part of a Larger Financial Aid Strategy
Students may have multiple resources available to help pay educational costs. Depending on your individual circumstances, these resources could include a prepaid plan, an investment or savings 529 plan, scholarships, federal student aid, or other accepted financial assistance.
Tell the Financial Aid Office about the resources you expect to use so they can be considered when your Summit finance plan is prepared or updated.
529 Plans & Financial Aid Eligibility
A 529 plan may affect financial aid eligibility depending on how the account is treated under the applicable financial aid rules.
If you are completing the FAFSA or receiving other financial assistance, contact the Financial Aid Office with questions about how your education savings or prepaid plan relates to your individual financial aid situation.
What If I Also Receive a Scholarship?
Having an education savings or prepaid plan does not necessarily mean that it will be your only resource for paying educational expenses.
If you receive a scholarship or another source of financial assistance, notify the Financial Aid Office so your payment arrangements can be reviewed using the resources available to you.
Important
Your Plan May Not Cover Your Entire Balance
The amount available from a prepaid or 529 plan may be different from the amount you owe Summit Salon Academy.
You are responsible for any remaining balance not covered by your plan or other accepted financial assistance.
Start the Process Early
Don't Wait Until Your First Day of Class
Let the Financial Aid Office know as early as possible that you plan to use a 529 or Florida Prepaid plan.
While some Summit or Florida Prepaid requirements may be completed later in the process, early coordination gives the Financial Aid Office time to identify your plan, determine available resources when applicable, and prepare your payment arrangements.
Before Contacting Financial Aid
If possible, identify:
- The organization that administers your plan.
- Whether you have a prepaid plan or an investment/savings 529 plan.
- Whether you have more than one education savings or prepaid plan.
- Any documentation or account information provided by your plan administrator that may help identify the plan you intend to use.
Need Help Using Your 529 or Florida Prepaid Plan?
The Financial Aid Office can help you understand Summit's process for coordinating your education savings or prepaid plan with your other payment and financial assistance options.
Schedule a Financial Aid Appointment