Scholarship Contest Celebrates National College Savings Month Leading Up To Florida Prepaid Open Enrollment Period
- The Florida Prepaid Scholarship Program will award 10 winners a 2-Year Florida College Plan, each valued at more than $8,000.
- Florida residents with children or grandchildren between the ages of newborn – 8th grade can enter online to win between September 25 and October 29, 2017.
- The scholarships are part of the Florida Prepaid College Foundation’s ongoing commitment during National College Savings Month to increase awareness about the importance of saving for college and the affordable options available.
TALLAHASSEE, Fla. – The Florida Prepaid College Foundation will award two free years of college to 10 Florida families, through the Florida Prepaid Scholarship Program that launched today. The annual scholarship program runs between September 25 and October 29, 2017. The program coincides with National College Savings Month and will conclude just after the mid-October launch of Open Enrollment, the annual period when families can purchase Florida Prepaid College Plans.
Participants can register to win at www.myfloridaprepaid.com/scholarship and will have opportunities to earn extra entries by participating in daily and weekly activities to learn more about saving for college.
The program educates families about the fact that there is a better way to save for college through tax-advantaged 529 College Savings Plans. 529 Plans were designed to help families set aside funds for future college costs. The plans are named after Section 529 of the Internal Revenue Code that authorizes the plans. Both Florida Prepaid College Plans and Florida 529 Savings Plans are qualified 529 plans and provide easy ways to start saving for college today.
“We encourage all eligible Florida families to enter this scholarship program,” said Florida Prepaid College Board Chairman John D. Rood. “It is a way to learn more about the college savings options available to families, and to start implementing a plan to reduce or avoid student loan debt for their children.
According to the Federal Reserve, reported student debt across the U.S. stands at about $1.4 trillion. In Florida, the average debt load for those with college loans is more than $23,000.
The Georgetown Center on Education and the Workforce projects that 65 percent of all jobs in the economy will require postsecondary education and training beyond high school. Florida officials project that by 2018, nearly 60 percent of all jobs in Florida will require postsecondary education.
“A college degree is a gateway to a lifetime of earnings and career potential,” said Cynthia O’Connell, Director of the Florida Prepaid College Foundation. “We look forward to giving the gift of college to 10 winners, and hope every eligible family will enter. Our state colleges present a wonderful opportunity for a strong education.”
The scholarship contest also comes as Florida officials prepare for an increase in state college enrollment for the first time since 2010 – an uptick that reflects the rising number of two- and four-year degree programs offered in the 28 colleges.
Florida Prepaid’s 2-Year Florida College Plan covers tuition and other specified fees for 60 lower division credit hours at a Florida College. This plan offers a child the opportunity to earn an associate’s degree or trade certification in any number of fields and is an excellent springboard to a fulfilling career or further education. A student earning an associate’s degree from a Florida College is guaranteed admission to a State University in Florida.
The 2-Year Florida College Plan is one of five available Florida Prepaid College Plans, which all include tuition and other specified fees. A family can pay for Plans all at once or in monthly installments. Studies show that children with dedicated college savings are 2.5 times more likely to enroll in and graduate from college than children with no account.
Prepaid Plans are available for purchase during Open Enrollment, which begins October 15, 2017 and ends February 28, 2018. For more information, visit www.myfloridaprepaid.com.
The Florida Prepaid Scholarship Program starts today and will end on October 29, so enter now and come back daily to earn more chances to win! www.myfloridaprepaid.com/scholarship
About the Florida Prepaid College Board
The Florida Prepaid College Board manages the Stanley G. Tate Florida Prepaid College Program and the Florida 529 Savings Plan. Both are tax-favored 529 college savings plans authorized by Section 529 of the Internal Revenue Code. In 1987 the Florida Prepaid College Program was created by the Florida Legislature and the commitment and dedication of Mr. Stanley G. Tate to provide Florida families with an affordable means to save for their children’s future college education. The first Florida Prepaid College Plans were sold in 1988, and were augmented with the addition of the Florida 529 Savings Plan in 2002. Florida Prepaid is the largest, longest running and most successful prepaid plan in the nation with more than 1.6 million Florida Prepaid College Plans purchased and more than $6.7 billion invested in Prepaid Plans by Florida families. The 529 Savings Plan has more than 60,000 active accounts with a market value of more than $525 million. To see how Florida Prepaid helps families, visit here.
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.