For Immediate Release
April 26, 2016
Board Removes Minimum Contribution
- The Florida 529 Savings Plan Scholarship Program will award 10 winners a $529 Scholarship deposited into a Florida 529 Savings Plan account.
- The scholarships are part of the Florida Prepaid College Foundation’s ongoing commitment to increase awareness about the importance of saving for college through the Florida 529 Savings Plan.
- 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.
- Florida residents can enter to win between May 1 and May 29, 2016, which is 529 College Savings Day.
TALLAHASSEE, Fla. – The Florida Prepaid College Foundation is launching a new scholarship program to celebrate 529 College Savings Day, awarding 10 winners a $529 Scholarship deposited into a Florida 529 Savings Plan account. 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.
“We look forward to awarding these scholarships, helping 10 Florida families get a strong start in the very important journey of saving for college,” said Foundation Board Chairman Duane Ottenstroer. “Setting aside even a small amount each month in a Florida 529 Savings account can help students reduce or avoid student loan 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.
The Florida 529 Savings Plan lets families save at their own pace 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.
Beginning this May, there is no minimum contribution to open a Florida 529 Savings account, and there are no application fees. This makes the Florida 529 Savings Plan one of the most affordable ways for families to save for college. The Florida 529 Savings Plan was a Top 10 performer among direct-sold 529 plans for the 3-year, 5-year and 10-year time periods in Savingforcollege.com’s latest quarterly performance rankings.
Families can enter to win a Florida 529 Savings Plan Scholarship between May 1 and May 29, 2016, at http://www.florida529SavingsPlanScholarship.com/. May 29 is celebrated nationwide as 529 College Savings Day, a time when families are encouraged to learn more about 529 Savings Plans.
Learn more about Florida 529 Savings Plans at www.myfloridaprepaid.com.
About the Florida Prepaid College Foundation
Since its founding in 1990, the Foundation has committed to giving aspiring students the opportunity to build a better future for themselves and our state by providing college scholarships funded through partnerships with individuals, businesses, educational foundations and the Florida Legislature. The Foundation administers several innovative scholarship programs designed to help students achieve their dream of earning a college education. The Foundation is the 501(c)(3) direct support organization for the Florida Prepaid College Board. Since 1988, the Florida Prepaid College Board has offered families a means to save for their children and grandchildren’s future college expenses with the Stanley G. Tate Florida Prepaid College Program.