Application fees waived as record Prepaid Plan sales continue
Tallahassee, FL – As Floridians across the state tackle their holiday shopping lists, the Florida Prepaid College Board encourages families to give the gift of education by purchasing a Prepaid Plan. Prices of the most popular prepaid plans are now being offered at up to half off last year’s prices. As an added bonus, through Dec. 31, 2014, the Board is waiving the $50 application fee for all newly purchased plans in celebration of this year’s historic price rollback. Families that have already purchased a plan and open a new one will have their $10 fee waived as well.
“There is no better or more lasting gift than that of a college education,” said Board Chairman Duane Ottenstroer. “A college degree truly opens doors to endless opportunities, and this year’s lower prices and new 1-Year Florida University Plan make it an ideal time to purchase a plan for a child, grandchild or someone special.”
A record number of families have already purchased Prepaid Plans since this historic Open Enrollment period began Oct. 15. Open Enrollment runs through Feb. 28, 2015.
- Total Prepaid Plan sales are already 111% of last year’s total sales during the entire 2013-2014 Open Enrollment Period. 2013-2014 = 15,803; 2014-2015 through Dec. 2 – 17,494
- Nearly 3,200 Prepaid Plans were purchased on the first day of Open Enrollment.
- More than 14,000 new accounts are currently in the application process.
- Florida Prepaid Facebook and Twitter account engagement have increased exponentially, with an increase of 500% and 3,000% respectively for social posts driving traffic to www.myfloridaprepaid.com.
Comparing First Seven Weeks
- Total Prepaid Plan sales were up 239% over the first seven weeks last year.
2013-2014 = 5,153; 2014-2015 = 17,494
- Total Prepaid Plan sales were up 195% over average of last three years.
Average 2011-2012 through 2013-2014 = 5,924; 2014-2015 = 17,494
- Total www.myfloridaprepaid.com website sessions were up 54% (through Nov. 25)
2013-2014 = 123,444; 2014-2015 = 190,694
- Total calls to customer service were up 64% over the first seven weeks last year.
2013-2014 = 30,413; 2014-2015 = 49,966
Open Enrollment runs through Feb. 28, 2015, and the first payments on plans purchased this Open enrollment period aren’t due until April 2015.
“As we reach the halfway point of Open Enrollment, we are pleased to see so many families buying Florida Prepaid Plans,” said Board Executive Director Kevin Thompson. “As Floridians think about gift ideas this season, we encourage everyone to consider buying a Prepaid Plan for that special someone in their life. Unlike so many gifts, this one truly lasts a lifetime.
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 35,000 active accounts with a market value of more than $375 million.