School may be the last thing you’re thinking about as summer approaches, but your child’s education is something that should be considered all year round, especially when it comes to higher education. Did you know that children with savings dedicated for their college education are four times more likely to attend college? (Center for Social Development at Washington University in St. Louis) When children grow up in a family that promotes the value of higher education, they’re more likely to make college a goal. This is smart because a Georgetown University study estimates that a student with a bachelor’s degree can earn $1.6 million more in their lifetime than a student with only a high school diploma.
As parents, we want to raise kids who will grow up to be successful and independent, and one way to do that is to encourage them to work hard in high school so that they’re ready for college. If they’re willing to do that, we can help pave the road to college by saving during their childhoods. Our family has done this for all four of our children by enrolling in Florida Prepaid College Plans. The Florida Prepaid College Board offers many options for Florida residents, including Prepaid College Plans and 529 Savings Plans. But even if you don’t live in Florida, you can still enroll in a Florida 529 Savings Plan to help you save for your children’s education!
The Florida 529 Savings Plan is an ideal investment plan because it does not have a set payment amount or schedule. Families can contribute as much or as often as they desire. In fact, there are 11 investment options available, so families can be as conservative or aggressive as they feel comfortable. Accounts can be opened at any time, and there is no application fee or minimum monthly contribution. You can save as your budget allows.
We started saving for our children’s college education when they were babies, but it’s never too early or too late to start saving. All ages are eligible for a 529 Savings Plan. And here are two more great reasons to open a Florida 529 Savings Plan now!
- Enroll in a new Florida 529 Savings Plan by June 30, 2018, and you will earn a $25 contribution into your new college savings account.
- Set up automatic monthly contributions for your new account by June 30, 2018, for as little as $25 per month, and you will earn another $25 contribution into your account.
Your child’s college days may seem far away, but as a mother of four, I can attest that those days fly by more quickly than you’ll ever imagine! It seems like yesterday when I was welcoming my little ones, and today I’ve got two who have been to college and two more who will be heading there in four short years. Believe me, starting to save for their college expenses when they were young is one of the best decisions I ever made, and I highly recommend it for all families. I hope you will visit myfloridaprepaid.com or call 800.552.GRAD (4723) to speak with a customer service representative about enrolling in a 529 Savings Plan -- and take advantage of the “529 Summer Jump-Start Promotion” by June 30!
