Several weeks ago, I introduced you to the amazing Florida Prepaid College Program, which offers five different plans that allow Florida families to start saving for their children’s college or university education. My family purchased Florida Prepaid college plans for all four of my children when they were babies, and now my two oldest sons have received bachelor’s degrees from Florida universities debt-free thanks to our foresight. There are several huge advantages to saving early with a Florida Prepaid plan, such as:
Lower Payments: The earlier a family starts saving, the more opportunity there is to spread the payments, which lowers the monthly contribution necessary to reach college savings goals.
Avoid Rising College Costs: The guarantee of a Prepaid Plan allows you to avoid worrying about future college costs. Bloomberg estimates that since 1985, the cost of college has increased 538% -- more than twice as fast as medical costs (286%) or gasoline (200%).
Avoid Debt: No matter what the future cost of college is, planning now allows families to help the children in their lives start their career after college with less, or no, debt. Student loans are now the no. 2 source of debt in America as reported by the Federal Reserve Bank of New York, behind only mortgages. These loans make up more than $1.4 trillion, or about 10 percent of all U.S. household debt. One in six American adults, or 44 million people, has a student loan.
Fortunately, my two oldest boys aren’t in that statistic, and my hope is that my two current teenagers will also graduate with a university degree debt-free thanks to their Florida Prepaid College Plans.
If you live in Florida, now is the time to enroll!
The Florida Prepaid College Board’s annual Open Enrollment period is Oct. 15, 2017–Feb. 28, 2018.
Open Enrollment is the only time of the year families can purchase a Florida Prepaid College Plan. During this time, families can select one of five Prepaid Plans, each with specific costs, payment schedules and benefits, which all include tuition and other specified fees at 28 Florida Colleges or 12 State Universities. (Families can open a 529 Savings Plan account at any time of the year.) Though each option is designed to be used at a Florida College or State University, the amount covered by the plan can also be applied to other schools nationwide.
What Prepaid Plan options are available?
2-Year Florida College Plan: The 2-Year Florida College Plan covers tuition and other specified fees for 60 lower division credit hours at a Florida College. This plan offers a child the opportunity to earn an associate’s degree or trade certification in any number of fields, and is an excellent springboard to a fulfilling career or further education.
4-Year Florida College Plan: The 4-Year Florida College Plan covers tuition and other specified fees for 60 lower division credit hours and 60 upper division credit hours at a Florida College -- the amount generally required to earn a bachelor’s degree.
2 + 2 Florida Plan: The 2 + 2 Florida Plan covers tuition, tuition differential fee and other specified fees for 60 lower division credit hours at a Florida College and 60 credit hours at a State University. Your student can earn the same degree in the same amount of time as if they had completed all four years at a State University, and will do so knowing both of you have saved money.
1-Year Florida University Plan: The 1-Year Florida University Plan covers tuition, tuition differential fee and other specified fees at a State University for 30 credit hours -- one quarter of the 120 credit hours typically needed to obtain a bachelor’s degree. Our most affordable Prepaid Plan allows extended family members or friends to purchase a year or two as well, making saving for college a team effort.
4-Year Florida University Plan: The 4-Year Florida University Plan covers tuition, tuition differential fee and other specified fees at a State University for 120 credit hours -- the amount generally required for a bachelor’s degree. The Florida University System blankets the state and features two preeminent universities, Florida State University and the University of Florida.
Fun Facts About the Florida Prepaid College Plan
- The Florida Legislature in 1987 created the Florida Prepaid College Program, founded on the commitment and dedication of Mr. Stanley G. Tate to provide Florida families with an affordable means to save for their children’s future college education.
- The Stanley G. Tate Florida Prepaid College Program is the largest, longest-running and most successful prepaid program in the nation.
- The first Florida Prepaid College Plans were sold in 1988.
- More than 55 percent of prepaid plans in the nation are Florida Prepaid College Plans.
- More than 1.6 million Florida Prepaid College Plans have been purchased, and more than $6.7 billion has been invested in Prepaid Plans by Florida families.
- The Florida Prepaid Plan is -- and always has been -- financially sound. It is also guaranteed by the State of Florida.
- More than 450,000 students have gone to college using Prepaid Plan benefits.
PROMO CODE:Susan1718
Use the promo code above when you enroll to receive $25 off the application fee during open enrollment!
2017 Pay Off Your Plan Giveaway
Florida Prepaid is going to select one winner from all the Plans purchased between Oct. 15, 2017–Nov. 30, 2017 and pay that Plan off in full!
I hope you’ll join me in protecting your child’s financial future by purchasing a Florida Prepaid plan. With five options to choose from, there’s a plan to fit almost any budget. And, believe me, when your child is ready to head off to college, like two of my sons did, you’ll be so relieved to know that your family has the means to pay for it thanks to Florida Prepaid.
ENROLL HERE!