Families can get $50 added to 529 Savings Plans opened now through June 30, 2023
- To encourage families who start saving this summer toward a child’s future college costs, Florida Prepaid will seed $50 into newly opened Florida 529 Savings Plan accounts.
- In partnership with Florida State Parks, Florida Prepaid is also offering families a chance to win one of ten $1,000 Florida 529 Savings Plan scholarships and prize packs that include an inflatable standup paddleboard.
TALLAHASSEE, Fla. – Encouraging families to save early and consistently with a flexible, tax-free option that fits their budgets, the Florida Prepaid College Board is offering families two incentives this summer around their nationally recognized Florida 529 Savings Plan.
First, Florida Prepaid will contribute $50 into every Florida 529 Savings Plan account opened between May 1 and June 30, 2023.
The Florida 529 Savings Plan is an investment plan that can be used nationwide for qualified education expenses, including tuition, fees, room, board, books and supplies. Families can build their own investment portfolio using the simple, intermediate or advanced investment strategies, and investment earnings are tax-free.
“A Florida 529 Savings Plan is such a timely option for families who want to start saving, but are also mindful of the uncertain economy,” said John Rood, chairman of the Florida Prepaid College Board. “The Florida 529 Savings Plan offers an affordable, flexible way for Floridians to save. We will contribute $50 into newly opened accounts to support Florida families as they make the important decision to save toward a child’s postsecondary education.”
The second summer incentive is a scholarship program in partnership with Florida State Parks. The Exploring Education Scholarship Program allows families to explore Florida’s award-winning state parks through the Junior Ranger Program, while entering to win one of 10 grand prizes. Each grand prize winner will receive a $1,000 Florida 529 Savings Plan Scholarship and a summer-friendly Florida State Parks prize pack that includes an inflatable standup paddleboard.
The Florida 529 Savings Plan is a Morningstar medal-winning plan and is available exclusively to Florida residents. The Savings Plan allows families to save what they can when they can, or they can set up automatic monthly payments for as little as $25/month. There are now more than 130,000 Florida 529 Savings Plans opened with a market value of more than $1 billion.
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.