Prepaid plans, such as those offered by the Florida Prepaid College Board, are an essential tool for families planning for higher education costs in the future, but even a product this good can be improved. Financial experts offer some useful tips on how to choose the right plan and get the most out of it as well. Among their tips are:
1. Consider installment plans for younger children. These plans, including all Florida Prepaid College Plans, allow payments to be stretched out over time, which often allows parents to purchase more tuition at a better value than shorter-term plans.
2. Read contracts carefully. It’s important to know precisely what each plan covers, and just as important to know what doesn’t cover. For instance, while all Florida Prepaid College Plans cover tuition and most fees, room and board is not included. However, by choosing a Dormitory Plan as well, families can secure their children’s housing as well as their education.
3. Keep information up to date. Once you have a plan, it’s important to keep your information current so that your plan’s administrator can keep you abreast of any updates, changes, or information.
For additional tips and more information, read the complete article here.