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Florida Prepaid Seeds $50 for New 529 Savings Plan Accounts

  • A Florida 529 Savings Plan provides families an easy, affordable way to save for college even amid challenging economic times.
  • Families can save tax-free and contribute what they want, when they want, as their budgets allow.
  • A Morningstar medal-winning plan, the Florida 529 Savings Plan is also regarded as one of the nation’s top-performing 529 plans by Savingforcollege.com.

TALLAHASSEE, Fla. – Encouraging families to save early and consistently in a way that fits their budgets, the Florida Prepaid College Board announced it will contribute $50 into every Florida 529 Savings Plan account opened between September 12 and November 7, 2022.

As little as $25 contributed each month into a 529 Savings Plan could grow to nearly $9,000 over the next 18 years, according to the Florida Prepaid savings calculator. 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.

“A Florida 529 Savings Plan can help families prepare for college costs and avoid student loan debt,” said John D. Rood, Chairman of the Florida Prepaid College Board. “Even in an uncertain economy, the Florida 529 Savings Plan offers an affordable, flexible way for Floridians to save.”

There are now more than 125,000 active Florida 529 Savings Plans with more than $1 billion invested.  The Plan is available exclusively for Florida residents and has received several enhancements since 2019, including new investment options and a 70 percent reduction in fees.

The Florida 529 Savings Plan is a Morningstar medal-winning plan and is also ranked as one of the nation’s top-performing 529 plans by Savingforcollege.com.

With a 529 Savings Plan, the account owner maintains control and chooses when and how to invest, choosing from simple to advanced investment strategies. More than 80% of families choose the simple Enrollment Year Portfolio that automatically adjusts to be more conservative as the student approaches college age.  Also, investment earnings are tax-free when used for qualified higher education and K-12 expenses.

Visit myfloridaprepaid.com today to get started.