The truth is, many students do have part-time jobs and work summers, but the hefty cost of attending college still leaves them with bills to pay. According to a study by PBS, the last school-year a student could have feasibly paid for college with their earnings was 2000-2001.
For example, in 2009, a student who worked part-time during the year and full-time during the summer at $7.25 an hour (minimum wage) would still need approximately $6,548 to cover their college costs for one year at a public, four-year institution. If the same student went to a private, four-year institution they’d need another $25,612.
So while many students work, the bulk of their educational funding has to come from some place other than their earnings. Some students are able to pick up the remaining costs of college with grants, scholarships or savings, but the majority of students are forced to take out student loans leaving them in debt after graduation.
The best way to help your student avoid debt after college is by starting to save now! And we (the Florida Prepaid College Board) are here to help. With either a Florida 529 Savings Plan or a Florida Prepaid College Plan you can get a start on your college savings.
Don’t forget to check out the different plans we offer to find the one that’s right for you! But make sure to hurry! Open Enrollment for Florida Prepaid College Plans ends Friday, February 28th.
If you already know what plan you’d like to purchase, enroll now!