When Does Your Florida Scholarship Funding Actually Get Deposited?

The short answer: Scholarship funds are deposited quarterly, within two weeks of Step Up receiving money from the state. Per Step Up's Family Handbooks, those receipt dates are August 1 for renewal students, September 1 for new students, then November 1, February 1, and April 1. 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

Quarter 1 has two separate dates: August 1 for returning students and September 1 for new students. Not every student is 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 →