Why you shouldn’t bank on scholarships alone
It’s often said that success occurs when preparation and luck meet. This adage certainly applies to college savings when you consider that while scholarships can be a big help, the best strategy involves preparation. Fortunately, Florida Prepaid has you covered with an array of options that can help you diversify your approach to college savings.
Preparation makes perfect
It’s no coincidence that “preparation” is named first in the equation for achieving success. But we understand that, for many parents, planning (not to mention executing!) an evening meal can require more thought and energy than they have available. When it comes to saving for college, we’ve created a couple of simple solutions that can get you started for less effort than a box of mac’n’cheese.
And whether your child hasn’t started thinking about college yet or you’re in the application stages, we can help you meet goals by breaking them down into smaller, less intimidating milestones. Consider our smaller increment Prepaid Plans, like the 1-Year University Plan or the 2-Year College Plan, as a great complement to scholarships. Guaranteed by the state of Florida, you’ll never lose your investment, even if your student receives scholarships that cover tuition.
Mix it up for extra savings oomph
If you’re not in a position to take on a monthly payment, it doesn’t mean you have to cross your fingers and hope for a full-ride scholarship — something that, the Washington Post reports, fewer than 2% of students receive. Florida 529 Savings Plans give you total flexibility to save when and how you can, and with the same tax advantages as our Prepaid Plans. You can also combine the power of a 529 Prepaid Plan with a 529 Savings Plan if you want to account for all of the future costs of college.
Make your own luck go farther
Relying on scholarships alone may not be a sound strategy, but that doesn’t mean you can’t encourage and assist your student in finding available opportunities. Sallie Mae has an online scholarship search resource that helps match your child with a variety of need- and merit-based options. Working with your students’ schools and academic counselors can also help make those valuable connections. Also, Florida students that excel in academics and earn community service hours have the opportunity to earn the Florida Bright Futures Scholarship, which can certainly help round out your financial strategy for college.
Another tool to help flesh out the “lucky” component to success doesn’t require good fortune at all, instead, it’s a simple application for financial aid, FAFSA. Studies show that just 71% of families complete their applications each year, leaving thousands of dollars on the table for those who will benefit from it most.There may not be a lot about the future that we can predict, but Florida Prepaid is here to provide stability, strategy and a guaranteed path to college savings. If you’re wondering how a Florida Prepaid Plan works or what exactly a 529 Saving Plan is, we’ve got all of the answers to your most frequently asked questions covered.