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News & Policy Update

Step Up's $24,000 cap: why Q2 deposits pause this week.

As Step Up for Students prepares to disburse Quarter 2 funding starting November 1, some Florida PEP families may notice their deposit missing. Under Florida law, scholarship funding organizations cannot deposit funds if doing so pushes an account balance over $24,000. Here is how the statutory cap works, what happens to your money, and how to resume disbursements.

  • ProgramFlorida PEP, through Step Up for Students
  • Checked

For Florida PEP families whose scholarship is managed by Step Up for Students. Sourced from Florida Statute § 1002.395 and the PEP Family Handbook. Independent guide, not affiliated with Step Up; when anything here differs from Step Up’s current pages, Step Up is right.

A parent reviewing scholarship balances and homeschool curriculum at a kitchen table
Under Florida law, Step Up pauses quarterly deposits into student accounts if the added funds would raise the total balance above $24,000.

Quick answers.

What is the maximum balance a Florida PEP account can hold?
Under Section 1002.395 of the Florida Statutes, state law prohibits depositing additional funds into an account if it raises the account balance greater than $24,000.
Will I lose my scholarship if my account balance reaches $24,000?
No. The scholarship is not forfeited. Step Up simply pauses subsequent quarterly disbursements until eligible educational expenses bring your balance below the threshold.
When are Quarter 2 deposits scheduled to arrive?
Step Up receives state funds on November 1. Step Up's family handbook notes that funds are credited to student accounts within two weeks of receipt, processing in rolling batches throughout early November.
Does unspent PEP money roll over from year to year?
Yes. Step Up's handbook confirms that unspent scholarship funds roll over from one school year to the next as long as the student continues to meet eligibility requirements and the account remains active.

With November 1 marking the official release date for Quarter 2 funds from the state, tens of thousands of Florida Personalized Education Program (PEP) families are watching their Education Market Assistant (EMA) accounts.

However, some parents may find that while other families receive their November deposits, their student’s balance does not change.

If your student has accumulated significant funds from previous quarters or rolled over balances from the prior school year, the cause is almost certainly Florida's statutory balance cap.

Here is how the $24,000 ceiling works, why deposits are withheld, and how to keep your funding flowing.

How the calculation actually works.

The cap is evaluated based on what your balance would become if the quarterly payment were added:

  1. Quarterly award size: Depending on your county of residence and grade band, annual awards are divided into four equal quarterly amounts; see the full list of PEP award amounts by county.
  2. The threshold check: Step Up evaluates whether adding your scheduled Quarter 2 deposit to your existing EMA balance pushes the total past the statutory $24,000 threshold.
  3. The automatic hold: If the projected sum exceeds $24,000 in total, Step Up holds the quarterly payment in reserve.

Your funding is not forfeited or erased. Instead, the payment is held until qualifying educational expenses are submitted and paid out, reducing your balance below the threshold.

Do unused funds expire or roll over?

A major concern among parents who hit the cap is whether they will lose their scholarship or unspent balance:

  • Rollover is protected: Step Up’s handbook confirms that unspent scholarship money rolls over from year to year. You do not lose accrued funds at the end of the school year.
  • The two-year inactivity rule: Funds only revert to the state if an account sits completely inactive for two consecutive fiscal years without any eligible educational purchases; see our comprehensive guide on how PEP rollover rules work.
  • Funding resumes: Once you submit valid reimbursements or make direct purchases in MyScholarShop that bring your balance below the cap, Step Up can disburse held funds during subsequent supplemental funding cycles.

How to manage your balance before payouts.

If your account is approaching the cap:

  • Audit pending reimbursements: Submit any out-of-pocket receipts promptly in EMA to draw down your accumulated cash balance; see our Step Up reimbursement checklist.
  • Review upcoming curriculum needs: Plan major authorized educational expenses—such as multi-subject curriculum kits, instructional software subscriptions, or contracted tutoring services—to ensure your child benefits from their allocated funds.
  • Verify attestation requirements: Remember that Quarter 2 disbursements also require completing your student enrollment attestation in EMA; review our walkthrough on the Step Up quarterly attestation in EMA.

For a complete breakdown of payout timing and deposit windows across the first two weeks of November, see our guide on when Step Up Q2 funds reach EMA.

Track your account balance against the $24,000 limit.
The Florida PEP Tracker calculates your available headroom, pending claims, and quarterly payments offline on your device.
One payment, no subscription: $49 for one student or $69 for a family. See pricing.

Check your balance

Sources.

All read on October 29, 2026. We re-check them when new editions are published.

  • Section 1002.395, Florida Statutes (2026)

    Florida Senate web page, read October 29, 2026: the $24,000 balance limit on scholarship accounts and statutory reversion criteria.

    flsenate.gov
  • PEP Family Handbook (2026–27)

    Step Up for Students web page, read October 29, 2026: Funding & Rollover & Balance Limits, the $24,000 balance rule, Quarter 2 deposit schedule of November 1, and two-week crediting window.

    stepupforstudents.org
  • Step Up for Students FAQs

    Step Up for Students web page, read October 29, 2026: quarterly balance ceilings of $24,000 and funding schedule.

    stepupforstudents.org