FL Prepaid is NOT considered a scholarship, or any other kind of Financial Aid, since Florida Tech is required to send an invoice out in order for any money to be sent to Florida Tech on the student's behalf. That is why, when the student receives a Student Billing invoice, the FL Prepaid credit on the student account will be described as "Third Party Billing."
It is the student's responsibility to do the following in order to be completely set up for Florida Prepaid invoicing with Florida Tech:
- The student must send Florida Tech a copy of the FL Prepaid ID card letter that FL Prepaid mailed to the student (in order to ensure that we have identified that the student is eligible for FL Prepaid funds) by fax to Florida Tech at 321-674-8903. However, if a copy of the FL Prepaid ID card letter is not available, the student may send any official FL Prepaid letter that includes the student's name.
- The student must fill out the FL Prepaid Transfer form, and submit the Transfer form to FL Prepaid. The Transfer form lets FL Prepaid know that the student will be attending Florida Tech, and that we are authorized to withdraw funds from the student's FL Prepaid account. The student can call FL Prepaid at 800-552-4723 to request that the Transfer form be mailed to them, or the student can print out the Transfer form that is available on the FL Prepaid website - http://www.myfloridaprepaid.com. It is absolutely essential that the student fills out the Transfer form, as Florida Tech will be considered "unauthorized" to send invoices to FL Prepaid on the student's behalf unless the student has completed, and submitted, this form to FL Prepaid. Do NOT send the FL Prepaid Transfer form to Florida Tech - we do NOT need a copy of this form for our records!
On the FL Prepaid Transfer form, the student will be required to choose between being "Restricted" or "Unrestricted," as follows:
"Restricted" - FL Prepaid will be invoiced each semester based solely on how many credit hours the student is registered for at Florida Tech, up to a limit of 15 credit hours per semester.
"Unrestricted" - The student has the option of contacting Florida Tech each semester (usually a month before classes begin for that semester) to let us know what dollar amount they would like FL Prepaid to be invoiced.
In either case, the student is treated by Florida Tech as if his/her FL Prepaid account is "Restricted" - until (and unless) we hear from the student each semester. The deadline for contacting us, is the last "Drop at 100% Refund" date for that semester. (Usually, the last "Drop at 100% Refund" date for the semester is the end of the first week of classes, but be sure to check the calendar on the Florida Tech website for the exact date that this occurs each semester.)
The end result, therefore, is that being "Unrestricted" gives the student more flexibility; while being "Restricted" tends to ensure that the amount in the FL Prepaid plan lasts for the full 4 years. The choice, as whether to be "Restricted" or "Unrestricted," is left entirely up to the student and the student's family.
Tuition Plan - The FL Prepaid program currently pays a flat dollar amount per credit hour for those that chose either the 4-year Tuition Plan or for those that chose the 2+2-year Tuition plan.
Local Fees Plan - The FL Prepaid program currently pays an additional flat dollar amount per credit hour for those that chose the Local Fees Plan.
Dorm Fee Plan - The FL Prepaid program currently pays a flat rate per semester for those that chose the Dorm Fee Plan.
Additionally - The FL Prepaid Dorm Fee can ONLY be processed by Florida Tech IF
- the student has signed a Florida Tech Housing Contract AND
- the student lives ON CAMPUS in one of the Florida Tech Dorms for each applicable semester
The FL Prepaid Dorm Fee can NOT be processed if the student lives OFF CAMPUS and/or lives in one of the Florida Tech Fraternity Houses while attending school at Florida Tech.
FL Prepaid is a very complicated, and individualized program. Therefore, please feel free to contact us directly to inquire about the following:
- The current FL Prepaid Plan rates
- Any questions regarding a specific student's FL Prepaid account
- How the FL Prepaid funds will be handled for any given semester
For more information, please contact:
Third Party Billing Coordinator
Office of Account Management