Congratulating families who saved for college by enrolling more than 881,000 children in the Florida Prepaid College Plan, Lieutenant Governor Jeff Kottkamp said Monday, "We're here to celebrate one of the great successes of Florida."
The Florida Prepaid College Plan 20th birthday celebration brought a crowd of children, students, parents and grandparents to Tallahassee Community College. Kids wearing "I'm Going to College" stickers blew out 20 candles on a birthday cake while the Florida A&M University Marching 100 Band played "Happy Birthday."
"As a single parent when he was born, I felt that the best way for me to make sure I would be able to afford his college was to participate in the Florida Prepaid College Plan," said Lory Cooper of Miramar, whose 16-year-old son Thomas Balkcom is a high school senior. Thomas' grandmother Aurora Cooper said, "So many things nowadays do not work. The Florida Prepaid College program works."
By its 20th birthday, the Florida Prepaid College Plan has become the largest and most successful prepaid college plan in the nation -- with 881,089 children enrolled and 1,297,371 million plans purchased for tuition, local fees, dormitory housing and the tuition differential fee. The Plan has $8.3 billion in assets and a $775 million actuarial reserve as of June 30, 2008 and is guaranteed by the State of Florida.1
"We are celebrating our 20 years - many, many accomplishments over those 20 years," said Florida Prepaid College Board Chairman Ted Hoepner. Noting the Plan's financial strength, Hoepner said, "The Florida Prepaid College Plan has an excess reserve over and above the liabilities."
In 1988, Governor Bob Martinez purchased the first two Prepaid College Plans for his twin granddaughters Emily and Lydia Keen, now 22 years old and attending college. "It's always great to see a program that lasts, and I'm sure it will last into the future as well," Governor Martinez said.
Founding Chairman Stanley G. Tate joined the families celebrating Florida's tradition of making college savings easy and affordable. Today, one out of every 10 Florida children has a Prepaid College Plan, and 18 percent of undergraduates at Florida's public universities are using prepaid benefits. No taxpayers' money is used to run the Florida Prepaid College Plan.
Tate reached back to what he said in the Florida Prepaid College Board's first annual report in 1989: "We're embarking upon a path that is revolutionizing how Floridians plan for financing their children's college education."
"We love the peace of mind, knowing we're prepared for the inevitable day they leave the nest," said Robert Thompson, whose son Wyatt, 5, and daughter Kaitlyn, 8, have Prepaid College Plans.
To enroll in the Florida Prepaid College Plan, families can go to www.myfloridaprepaid.com or call 1-800-552-GRAD (4723). Current plan prices are available until January 31, 2009.
* indicates a required field
