For Immediate Release
September 19, 2016
Foundation Launches Scholarship Contest to Celebrate National College Savings Month
- The Florida Prepaid Scholarship Program will award 10 winners a 2-Year Florida College Plan, each valued at more than $8,000.
- The scholarships are part of the Florida Prepaid College Foundation’s ongoing commitment to increase awareness about the importance of saving for college, particularly during September College Savings Month.
- Florida residents with children or grandchildren between the age of newborn – 8th grade can enter online to win between September 19 and October 23, 2016.
TALLAHASSEE, Fla. – Ten Florida families will win two free years of college from the Florida Prepaid College Foundation, which today is launching its Florida Prepaid Scholarship Program. The annual scholarship program runs between September 19, 2016 and October 23, 2016 – coinciding with National College Savings Month and the mid-October launch of Open Enrollment, the annual period when families can purchase Florida Prepaid Plans.
- Participants can register to win at myfloridaprepaid.com/scholarship and have chances to earn extra entries by answering questions, learning more about saving for college and sharing on social media. There will also be chances to win a total of 50 weekly prizes.
“This scholarship program is part of our commitment to helping families save for college, and we encourage all eligible Florida families to enter to win,” said Foundation Board Chairman Duane Ottenstroer. “Entering is not just a chance to win two years of college; it is an opportunity to learn about how saving early can motivate students to prepare academically for college, and help them reduce or avoid student loan debt.”
Last March, the Federal Reserve reported student debt across the U.S. at about $1.2 trillion. Meanwhile, more than two-thirds of new alumni have debt, at an average of $35,000 per graduate. In Florida, the average debt load for those with college loans is $24,017.
Yet according to the How America Saves for College Report, only two out of five families have a plan to pay for college – even though a postsecondary degree is more necessary than ever for career success. According to state projections, 59 percent of all jobs in Florida will require postsecondary education by 2018.
The How America Saves report also found that one out of three students are attending a two-year college as the first step toward a bachelor’s degree. 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 Plans, which all include tuition and other specified fees. A family can pay for Plans all at once or in monthly installments.
Prepaid Plans are available for purchase during Open Enrollment, which begins October 15, 2016 and ends February 28, 2016. For more information, visit www.myfloridaprepaid.com
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 50,000 active accounts with a market value of approximately $449 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.