Leaving your child to take out student loans now could make a huge difference for their financial situation in the future. Today, many graduates are choosing to postpone buying homes or starting families because of their student loan debt. For these graduates, life after college may mean moving back in with their parents or using retirement funds to pay off their debt.
As tuition continues to rise student loans are becoming the most common way to pay for college, and in 2011 two-thirds of graduates left school with an average $26,600 in debt. While this is considered to be a “manageable” amount of debt, many borrowers are opting for 20-year repayment plans, meaning they could still be paying back their loans by the time their children are enrolling in college.
Saving now for your child’s future educational expenses with structured payments or by investing in a tax-free 529 Savings Plan is the best way to help your child overcome a life burdened by student debt. Don’t worry, we can help!
For more than 25 years, we (the Florida Prepaid College Board) have provided families with financially sound options to help save for college.
Our Prepaid Plan is the largest, most successful and longest-running prepaid program in the nation. Nearly one out of every 10 children in Florida from newborn to high-school age has a Florida Prepaid Plan. Our Prepaid Plan is – and always has been – financially sound. It is also guaranteed by the State of Florida.
While we may be best known for our Prepaid Plan, we also offer the more traditional investment option for college savings through the Florida 529 Savings Plan. Our Florida 529 Plan offers you the flexibility to save what you want when you want. So whether you’re saving for a dorm or graduate school, we can help. We offer 11 different investment options that let you invest your money in the way that makes you most comfortable. From aggressive to conservative options, we put the power of savings back in your hands, and let you fully customize your investment approach.
Read the entire article at USA Today.
Make sure your student doesn’t have to graduate with student loan debt, enroll in a Florida Prepaid College Plan Today!
Want more information about our different plans? Check out the plans we offer and how we can help your student avoid student loan debt!