How does state (Fl)pre-paid affect EFC out of state?

shoboemom
Sat, 14 Apr 2012 20:40:34 +0000

We have Florida prepaid which is designed to be used in-state, but can be used out of state or for in-state private schools (the state paying the cost of the Florida schools toward the OOS school).
We’ve calcuated our probably EFC (fafsa) at 20k yrly. So, as I understand it, for the schools that use Fafsa, they would likely consider our NEED to be any of the costs over and above something close to that 20k each year. How does the pre-paid affect that? If we were to find a school that met full need, would that mean we’d have to pay out the 20k a year, or would we only have to pay out the 20k minus the pre-paid amount of tuition or does having the pre-paid mean that those schools would expect us to pay the 20K on top of the prepaid contribution?
I think the prepaid counts as a 529, so I am hoping it doesn’t get ‘counted’ in income/asset calculations.