The short answer: Scholarship funds are deposited quarterly, on a schedule tied to when Step Up receives money from the state, roughly August/September, November, February, and April. Deposits land within two weeks of Step Up receiving the funds. Unspent PEP funds roll over year to year, though PEP accounts are capped at a $24,000 balance, and Step Up tracks and applies interest quarterly.
Table of Contents
- The Quarterly Deposit Schedule
- What Happens If a Deposit Is Delayed
- Rollover Funds and Balance Limits
- How Interest Works on Your Account
- When MyScholarShop Becomes Accessible
- FAQ
The Quarterly Deposit Schedule
Scholarship funds move in two steps: first, the State of Florida sends funds to Step Up For Students, then Step Up deposits those funds into individual student scholarship accounts, within two weeks of receiving them.
Here's when Step Up receives funds from the state each quarter:
- Quarter 1, renewal students: August 1
- Quarter 1, new students: September 1
- Quarter 2: November 1
- Quarter 3: February 1
- Quarter 4: April 1
Notice Quarter 1 has two separate dates, one for returning students, one for new students. This trips up a lot of families who assume everyone gets funded on the same day.
For reference, the quarters themselves run:
- Quarter 1: July 1 - September 30
- Quarter 2: October 1 - December 31
- Quarter 3: January 1 - March 31
- Quarter 4: April 1 - June 30
What Happens If a Deposit Is Delayed
If your scheduled deposit doesn't show up on time, it doesn't automatically mean something has gone wrong with your account. Step Up's own handbook states that if a regularly scheduled deposit is delayed, supplemental funding may be provided at a later date. This is built into the process as a known possibility, not an emergency.
That said, if you're consistently confused about your account's timing, checking your exact status directly in EMA is always the fastest way to understand what's actually happening with your specific account.
Rollover Funds and Balance Limits
Unspent scholarship funds aren't lost at the end of the school year. PEP funds roll over from one school year to the next, and remain accessible for eligible expenses in future years, as long as the student continues to meet scholarship participation requirements.
There is one cap worth knowing about: under Florida law, Step Up cannot deposit additional funds into a PEP account once the balance exceeds $24,000. If your family has been consistently underspending relative to your quarterly deposits, this is worth keeping an eye on, particularly for families saving up for a larger future expense.
How Interest Works on Your Account
Florida law requires Step Up to track any interest accrued on your scholarship account and apply it toward your student's balance. Step Up does not profit from this interest or redirect it anywhere else, it goes straight back into the student's account.
Interest is deposited on this schedule, based on when it was earned:
- July - September interest deposits October 31
- October - December interest deposits January 31
- January - March interest deposits April 30
- April - June interest deposits July 31
When MyScholarShop Becomes Accessible
Once your quarterly deposit lands, MyScholarShop becomes accessible within a few days, not necessarily instantly. If you're trying to make a purchase right after a deposit and the marketplace isn't showing your updated balance yet, this short delay is the likely explanation, not an account problem.
One more detail worth knowing: if an item isn't listed in MyScholarShop or the Purchasing Guide, it may still be an eligible expense, and conversely, an item being listed in MyScholarShop doesn't automatically mean it's eligible for every scholarship program. When in doubt, a pre-authorization request is the safest way to confirm eligibility before you spend.
Browse approved vendors now: Explore vendors accepting PEP and FES-UA funds on Florida Education Vendors →
FAQ
When are PEP and FES-UA funds deposited each quarter? Step Up receives funds from the state on August 1 (renewal students) or September 1 (new students) for Quarter 1, then November 1, February 1, and April 1 for Quarters 2 through 4. Funds are deposited into student accounts within two weeks of Step Up receiving them.
What happens if my quarterly deposit is late? If a regularly scheduled deposit is delayed, Step Up may provide supplemental funding at a later date. This doesn't necessarily mean something is wrong with your account.
Can unspent scholarship funds roll over to next year? Yes. Unspent PEP funds roll over from one school year to the next and remain accessible for eligible expenses, as long as the student continues to meet scholarship requirements.
Is there a limit to how much can build up in my account? Yes, for PEP. Step Up cannot deposit additional funds into a PEP account once the balance exceeds $24,000 under Florida law.
Does my account earn interest? Yes. Florida law requires Step Up to track and apply accrued interest to the student's scholarship balance. Interest is added quarterly, based on which quarter it was earned in, and Step Up does not profit from or redirect this interest.
When does MyScholarShop become accessible after a deposit? MyScholarShop becomes accessible within a few days after funds are deposited into a student's account.
Frequently Asked Questions
When are PEP and FES-UA funds deposited each quarter?
Step Up receives funds from the state on August 1 (renewal students) or September 1 (new students) for Quarter 1, then November 1, February 1, and April 1 for Quarters 2 through 4. Funds are deposited into student accounts within two weeks of Step Up receiving them.
What happens if my quarterly deposit is late?
If a regularly scheduled deposit is delayed, Step Up may provide supplemental funding at a later date. This doesn't necessarily mean something is wrong with your account.
Can unspent scholarship funds roll over to next year?
Yes. Unspent PEP funds roll over from one school year to the next and remain accessible for eligible expenses, as long as the student continues to meet scholarship requirements.
Is there a limit to how much can build up in my account?
Yes, for PEP. Step Up cannot deposit additional funds into a PEP account once the balance exceeds $24,000 under Florida law.
Does my account earn interest?
Yes. Florida law requires Step Up to track and apply accrued interest to the student's scholarship balance. Interest is added quarterly, based on which quarter it was earned in, and Step Up does not profit from or redirect this interest.
When does MyScholarShop become accessible after a deposit?
MyScholarShop becomes accessible within a few days after funds are deposited into a student's account.