How to Beat that Student Debt Clock of $2,726.03 per second
As if you needed another reason to start saving for a child’s college early, consider this alarming statistic gleaned from Federal Reserve data: The current student debt amount is rising at a rate of $2,726.03 per second. MarketWatch commissioned StartClass, an education data site, to create the clock. They get the per-second number by calculating the change in student debt from the first quarter of 2006 to the fourth quarter of 2015, literally from one second to the next.
And as if that number isn’t enough to make your wallet feel lighter and tighter, MarketWatch.com has a live ticker that tallies up the overall national student loan debt – over $1.3 TRILLION and counting.
So now might just be the time you want to learn more about our Florida 529 Savings Plans. Summer is here, but before you know it, your child will be enjoying their final summer before college. 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. And once you open a Florida 529 Savings Plan, you can determine your investment strategy and how much to save each month based on your budget.
This summer is also a great time to do some research on Florida Prepaid Plans, so that when Open Enrollment begins next fall, you’re ready to keep your child from becoming part of that student loan debt statistic. Go to www.myfloridaprepaid.com.