Florida Prepaid: Helping Generations of Parents Save for College

Thank you to Florida Prepaid College Plans sponsoring this post and for helping parents invest in their children's futures.

florida prepaidAs parents, we make many decisions for our children — what they eat, what they wear, where they live, and where they go to school for the first time. Florida Prepaid helped make the decision about financing our kids’ college education simple and easy. My parents gifted both my sister and me a 4-Year College Plan with Florida Prepaid.

My parents wanted to prepare for their retirement while locking in current rates for our college education when we were in middle school. They considered our college education a gift from them that would catapult our financial well-being. But, being fiscally-minded, they wanted to send us to college in the most economical way possible. Thanks to their forward-thinking, I graduated from college debt-free because of the decision my parents made when we moved to Florida from a state that did not offer a prepaid college program. I am thankful to have been a beneficiary of the Florida Prepaid 4-Year College Plan.

My husband and I later decided to enroll both our children in the same plan for the same reason. Giving our children the gift of a college education was very important to us. My husband was in the military which helped pay for his undergraduate education, but he had to obtain student loans in order to obtain an MBA. When my 4-year-old daughter was born, we missed the open enrollment period as the enrollment period closed shortly thereafter, but I noted the open enrollment on my calendar for the following year. When our son was born just two years later, we made sure not to miss enrolling him.

Florida Prepaid was an easy choice for us! We love the fact that even if they don’t need their college fund (what parent doesn’t entertain the thought that their children will have full academic scholarship offers from all the Ivy League universities?), we can get full refunds from the Florida Prepaid program. Additionally, if our children decide to pursue higher education beyond Florida, the Florida Prepaid program can be used at both public and private schools nationwide as well as trade and technical schools.

The enrollment application is simple and has the option of monthly payments that come directly out of your bank account. It isn’t something I have to worry about or think about. When you purchase a Florida Prepaid Plan, you “lock in” the cost of college and your plan price. “Locking in” your plan price is college-tuition-speak for “set it and forget it.” Simply put, if you make all your payments, the state of Florida guarantees your plan. That translates into being able to release the worry about whether you’ll be able to afford college tuition for your children. Less calculating and less stress! Because of Florida’s guarantee, Prepaid Plan parents rest easy.

In January of this year, I received an email about a reduction in my Prepaid Plan price without a change to their coverage! This reduction has been made possible due to successive years of lower than anticipated tuition and fees. Governor Ron DeSantis and the Florida Legislature worked together to make college education more affordable for Florida students and families.

The first plan we purchased had a monthly savings of $36.69 while the second plan had a monthly savings of $9.13. Consequently, we have an overpayment of $2,016. for the first plan and $232.40 for the second 4-Year College Plan. We elected to apply the overpayments toward the total college plan cost, so in our case, no refund was needed.

Nationally, college tuition rates have continued to rise significantly, leading to the ever-growing student loan debt crisis of more than $1.5 trillion. There are some things as parents we cannot control, like the cost of food and college textbooks, however, when you lock in your plan price with Florida Prepaid, you are immune to tuition increases, and you can even add an optional university dormitory plan as well. One of the main advantages of a Prepaid Plan is when your student is ready for college, the plan pays the actual costs even if the cost of college tuition and fees is higher than anticipated when your plan prices were set.

The day will come quickly when it is time to send your children to college so start preparing today. Florida Prepaid offers five different plans. Maybe the 4-Year University Plan doesn’t fit your budget right now – that’s okay — Florida Prepaid has an option where you can start with purchasing a 1-Year University Plan which begins as low as $44 a month for a newborn. This plan is flexible and allows you or other family members to buy one year of university tuition at a time as your budget allows, up to four years. Other family members like grandparents and aunts, for example, can each purchase a 1-Year University Plan for the same child, thus sharing the cost of a full university experience.

Special Offer for Jax Mom Readers

Don’t miss out on this limited opportunity for to receive free application fee Florida Prepaid by using promo code JAX1920! Learn more at myfloridaprepaid.com. Open enrollment extended through May 31, 2020.

Maya Sutherland
Maya is a full-time SAHM who squeezes in part-time work as a Local Childcare Consultant for an au pair agency.  She was born in Ohio but has spent most of her childhood and adult life in Florida. She is André's devoted wife and mother to Audrey, Mason and her fur baby, Egyptian Mau cat named Midnight. Maya earned an A.S. in Culinary Dietetic Technician and a B.A.S in Supervision and Management from Florida State College at Jacksonville. Her professional background is in management and most recently she managed a skilled nursing facility food service department staff of 15.  Maya has a long-time love affair with food and is happiest when she is in the kitchen preparing fresh, homemade meals for her family, utilizing her numerous gadgets and food preparation-specialty items. She also is an aspiring business owner but hasn't figured out what she wants to do 'when she grows up' yet.  In her spare time, she loves painting rocks, coloring using colored pencils,  yoga,  listening to podcasts or audiobooks,  and online shopping. You can follow her at Instagram @5spicechef, and Facebook @5spicechef.

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