- Families that open a new Florida 529 Savings Plan now through August 16 can earn up to $50 in their account from Florida Prepaid
- Enrolling in a Florida 529 Savings Plan is free
- Florida 529 Savings Plans provide families an easy, tax-free way to save for college expenses
TALLAHASSEE, Fla. – The Florida Prepaid College Board is encouraging families to look ahead to brighter times by saving for college with a Florida 529 Savings Plan. This summer, families can earn up to $50 into newly opened accounts, taking advantage of this flexible, tax-free way to save for college.
- Florida Prepaid will contribute $25 to any Florida 529 Savings Plan opened between now and August 16.
- For plans set up with an automatic monthly contribution of $25 or more, Florida Prepaid will contribute another $25.
- Current customers that have not yet enrolled in automatic monthly contributions are also eligible to earn $25 if they set up contributions through their online account.
With a Florida 529 Savings Plan, families choose when and how much to contribute to fit their budget and savings goals. There is also an online gifting portal to invite family and friends to contribute to their child’s college education in lieu of more traditional birthday and holiday gifts.
“As challenging as recent months have been for our state amid the COVID-19 pandemic, we also know that a college education continues to provide hope and opportunity,” said Board Chairman John D. Rood. “By contributing to these new Florida 529 Savings Plans, we want to send a message to Florida families that we are here to support them as they save for their child’s college education.”
The Florida 529 Savings Plan is a tax-free investment plan that can be used nationwide for qualified college education expenses, including tuition, fees, room, board, books and supplies. In 2019, the Savings Plan was enhanced to offer expanded investment options and reduced fees, as well as the addition of well-known investment managers such as Dimensional Fund Advisors, Eaton Vance and Vanguard.
“The Florida 529 Savings Plan was enhanced to provide the best value for Florida residents, offering an easy and affordable way to help families save for college,” said Kevin Thompson, Executive Director of Florida Prepaid. “Saving for college is one of the many important steps you can take to secure your child’s future. And we’re here to help you make that possible, because we know that even the smallest amounts saved now can add up to a lot of possibility for their future.”
To learn more, visit www.myfloridaprepaid.com/529summersavings/ today.