April 30 is final chance to lock in risk-free Prepaid Plan prices starting at $45/month
- With a Prepaid Plan, families are protected from college tuition increases and can never lose their investment.
- The value of a Prepaid Plan can be used in-state or out, at public, private, trade and technical schools nationwide.
- Over 29,000 Prepaid Plans have been purchased so far this year during Open Enrollment.
TALLAHASSEE, Fla. – With less than 10 days remaining in the annual Open Enrollment window, the Florida Prepaid College Board is urging families across the state to start saving for college with risk-free, inflation-proof Florida 529 Prepaid Plans.
Open Enrollment runs through April 30 and is the only time each year when families can lock in future tuition costs at today’s plan prices. Prepaid Plans start at $45/month, allowing Floridians to save affordably while making a significant impact on their children’s future. Research shows a child with even a modest amount of college savings is 2.5 times more likely to attend college and graduate than those without.
“Our Prepaid Plans give families an easy way to build a foundation for their child that is tax-free and risk-free. This is one of the best decisions you can make for a child and for your own financial peace of mind,” said Florida Prepaid Board Chairman John D. Rood.
Florida families can use the online Prepaid Plan pricing tool to explore the five prepaid tuition plans and optional prepaid dormitory plan to determine which plan and payment option best fits their budget and savings goals.
Florida 529 Prepaid Plans allow families a simple, stress-free, risk-free way to lock in future college costs for less so their child’s college tuition is ready and waiting for them. Families pick a Prepaid Plan and make their payments, then Florida Prepaid manages the rest.
All Prepaid Plans are guaranteed by the State of Florida, so families will never lose their investment. A child has up to 10 years after high school graduation to use the plans, which can be used in-state or out, at private or public institutions. If a child attends an out-of-state or private college, Florida Prepaid will pay the same amount as it would pay at a public college or university in Florida.
There are five Prepaid Plan types, and the most affordable is the 1-Year University Plan which starts as low as $45 per month for a newborn and covers tuition and most fees for 30 university credit hours. Multiple family members can purchase a 1-Year Florida University Plan for the same child, sharing in the cost of saving for college.
“Enrolling in one or two years of the 1-Year Florida University Plan is a smart way for familes to give their children a strong foundation for their postsecondary education. Every dollar a family can save for college is a dollar that student does not have to borrow,” said Kevin Thompson, Florida Prepaid Executive Director. “Alleviating student loan debt is an incredible gift that lasts a lifetime.”
Open Enrollment ends April 30. To learn more, visit myfloridaprepaid.com today.
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. The Board also oversees two direct-support organizations – The Florida Prepaid College Foundation and Florida ABLE, Inc., d/b/a ABLE United. Florida Prepaid is the largest, longest running and most successful prepaid plan in the nation with more than 2 million Florida Prepaid College Plans purchased and more than $15 billion in assets. The 529 Savings Plan has more than 130,000 active accounts with a market value of more than $1 billion.
