Big News for the Florida 529 Savings Plan! 10 new scholarships, and no more Minimum Contribution!
May is the season of college finals, graduations and the winding down of the school year for younger students across Florida. It’s also when families throughout Florida and the nation are encouraged to learn more about how 529 Savings Plans can help them save for college – all culminating in 529 College Savings Day on May 29, 2016.
To celebrate, the Florida Prepaid College Foundation is launching a new scholarship program that will award 10 winners a $529 Scholarship deposited into a Florida 529 Savings Plan account. And now, for the first time ever, the Florida Prepaid College Board has removed the minimum contribution to open a Florida 529 Savings Plan, opening the door for more families to save for college.
For the first time ever, the Florida Prepaid College Board has removed the minimum contribution to open a Florida 529 Savings Plan, opening the door for more families to save for college.
If you are a legal resident of the state of Florida currently over the age of 18, we encourage you to enter – because really, who wouldn’t want to win money for your child to go to college!? The scholarship contest runs between May 1 and May 29, 2016.
The Florida 529 Savings Plan Scholarship Program is part of the Florida Prepaid College Foundation’s ongoing commitment to broadening awareness of the many budget-friendly, flexible college savings options available through the Florida Prepaid College Board.
The Florida 529 Savings Plan allows families to set aside each month however little or much their budgets can afford for college expenses, from tuition and fees to housing and books. A family can contribute as much and as often as desired, and accounts can be opened at any time. And now that there is no minimum contribution to open a Florida 529 Savings account, plus no application fees, the Florida 529 Savings Plan is one of the most affordable ways for families to save for college.
Without college savings, students seeking an undergraduate degree can face a mountain of debt. The average student debt of borrowers in the state of Florida is $24,017. Yet according to the How America Saves for College 2015 report, nearly half of families saving for college continue to rely on general savings accounts while only 27 percent utilize tax advantaged accounts like 529 college savings plans.