Every parent worries about their child’s future, and in today’s world, a college education is a key component of success. But college tuition is more expensive than ever before, and the idea of saving for college can seem daunting. Thanks to Florida Prepaid, though, it doesn’t have to be.
Florida Prepaid College Savings Plans can help parents begin planning for their child’s future now, with a variety of flexible choices and payment options, including something to fit any budget. The program was started in 1987, when Stanley Tate made it his mission to make higher education achievable for the average Florida family. He created the Florida Prepaid College Program and served as chairman of the Florida Prepaid College Board from 1987 to 2005. It is now the largest and longest continually running prepaid plan in the country.
How Does Florida Prepaid Work?
Parents have two options: Florida Prepaid College Savings Plans or a Florida 529 Savings Plan. With the Prepaid College Plans, parents simply choose a plan that works for them, make payments, and their child’s tuition and fees are covered — and it is guaranteed by the state of Florida. With the 529 Savings Plan, parents can invest in different options, with any earnings completely tax-free if they are spent on higher education expenses. It is not guaranteed, however. Currently, over 300,000 students have been able to attend college thanks to the Prepaid College Plans, and there are over 40,000 active 529 Savings Plan accounts.
Why Start Saving for College Now?
Some parents might ask why it’s important to begin saving for college now. Well, a person with a bachelor’s degree earns, on average, $24,000 a year more annually than a person with a high school diploma. And children with money saved for college are three times more likely to enroll, and over four times more likely to graduate. And the costs of college today are substantial: the average student today graduates with $29,000 in student loans. Since 1985, tuition prices have skyrocketed by an astronomical 538%. Florida Prepaid College Savings Plans give families an affordable way to plan for their child’s future, without breaking the bank.
This is an issue that my husband and I have had to discuss numerous times, and the thought is daunting. With five children, that’s a lot of tuition to save up for, and if the cost of college continues to increase, there’s a very real fear for us that we won’t be able to afford it. But Florida Prepaid College Savings Plans make it more possible for us to afford and save for our children’s future.
How Do I Get Started?
Right now, you may be asking yourself, “Well, this all sounds great, but how do I sign up?” And if you are, then it’s your lucky day! Floridians can only purchase Prepaid Plans during open enrollment, which has just started. This gives parents the opportunity to purchase a guaranteed plan, with prices that are locked and can never increase, giving parents peace of mind knowing they don’t have to worry about tuition inflation.
To make things even better, there’s an exciting new promotion that will give families a chance to have their entire Prepaid Plan paid off completely by the Florida Prepaid College Board! Anyone who purchases a plan between October 15 and November 30 will be automatically entered to “win the gift of college” and have their entire plan paid for the board. This promotion is being offered because the Florida Prepaid College Board believes that the value of going to college debt-free should be rewarded. No tricks, just a treat from the board! No one wants to live in debt, so help your child prepare for their future now, and if you do, you might just end up the lucky winner.
Open enrollment began October 15 and will end February 28, 2018, with the first payment not due until April 2018. Plans continue to be affordable, so don’t miss out on your chance to save for your family! Make sure to explore your Florida Prepaid options now, and invest in a bright future for your family.
Exclusive Offer for JMB Readers
Use code Jax1718 and take $25 off the application fee during open enrollment, now through February 28, 2018. Click here to get started!
Please READ all the fine print regarding how the program can adjust the way your investment works. Many who invested in the early 2000’s are finding out that they are basically only getting the same value as they put in, they could have made more money in a very conservative investment fund. Also consider reading all the fine print if you move out of FL or if your children end up going to schools outside of FL. Also if your students qualify for Bright Futures scholarships, what is the value of your investment. All these are very important things to consider when investing in FL pre-paid program.