TALLAHASSEE, Fla., Feb. 14, 2018 /PRNewswire/ --
- Open Enrollment ends Feb. 28 and is the only time each year that families can lock in this year's plan prices – with Prepaid Plans starting at less than $47 per month
- Plans can be started online in as little as 15 minutes
- The Florida Prepaid College Plan is the largest prepaid college program in the nation. Over 1 million families have saved for college with Florida Prepaid.
With just two weeks remaining in its annual Open Enrollment period, the Florida Prepaid College Board is encouraging families to lock in future college tuition costs by signing up for one of six guaranteed and affordable Florida Prepaid College Plans.
Open Enrollment began October 15, 2017 and ends on February 28, 2018. It is the only time each year that families can purchase one of the Florida Prepaid College Board's five prepaid tuition plans and prepaid dormitory plans, and prices this year start at $47 a month.
"Families can find financial peace of mind with a Prepaid College Plan because it allows them to lock in a monthly payment that will never go up, so they can get started saving for college now," said Board Chairman John Rood. "As we continue to see today's college students graduating with debt, we hope families see that it's simple and affordable to start saving for college today to avoid that student loan debt later."
Student loan debt continues to be a growing problem for many college graduates, totaling more than $1.4 trillion nationally. According to the latest figures from the Pew Research Center, among adults ages 18 to 29, 37% say they have outstanding student loans for their own education. And state data shows that on average, Florida college graduates with student loan debt owe $24,000.
A Prepaid Plan allows families to start saving early so their child's college tuition is ready and waiting for them. This year, families can purchase a 4-Year Florida University Plan for a newborn for as low as $187 a month, a 2-Year College Plan for $55 a month or a 4-Year Florida College Plan for less than $120 a month.
The Board also offers a 1-Year Florida University Plan which starts as low as $47 per month and covers 30 university credit hours. Multiple family members can purchase a 1-Year Florida University Plan for the same child, sharing in the cost of going to college.
If a child attends an out-of-state college or private college, a Prepaid Plan will pay the same amount as it would pay at a public college or university in Florida. Every Prepaid Plan is guaranteed by the State of Florida, and a child has up to 10 years after high school graduation to use a plan.
Prepaid Plans are available for purchase during Open Enrollment, which runs October 15, 2017 – February 28, 2018. For more information, visit www.myfloridaprepaid.com.
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 60,000 active accounts with a market value of more than $525 million. To see how Florida Prepaid helps families, visit here.
SOURCE Florida Prepaid College Plan