January 31 is Deadline to Save for College at Current Florida Prepaid Prices

Jan 11, 2010, 10:41 ET from Florida Prepaid College Plan

TALLAHASSEE, Fla., Jan. 11 /PRNewswire/ -- Families have only three weeks left to purchase a Florida Prepaid College Plan at current plan prices. Enrolling children by the Jan. 31 deadline is easy to do online at www.myfloridaprepaid.com.

A recent survey from financial services firm Edward Jones shows 33 percent of Americans chose 'increase savings' as their top financial resolution for 2010. Increasing savings topped the list for both men and women, along with other financially-focused resolutions. For the past 21 years, more than 917,000 children have been enrolled in the Florida Prepaid College Plan and 230,000 students have gone to college using their prepaid benefits.

"The earlier families begin saving for college, the better," says Chairman Duane Ottenstroer of the Florida Prepaid College Board. "And, the Florida Prepaid College Plan is financially guaranteed by the state of Florida.(1) Once your family has purchased a Florida Prepaid College Plan, your payments are fixed and never increase, and you don't have to worry about the economy when it comes to college savings."

Prepaid tuition can be purchased for children and grandchildren as soon as they are born and up until the 11th grade. With college tuition representing just 16 percent of the total cost for attending a public university in Florida, four flexible plans are available through Florida Prepaid College Plans comprising of tuition plans, the tuition differential fee plan, local fee plan and dormitory plan to help cover the costs of a college education.

"Every grandparent would like to see their grandchildren get a college education," says Florida Prepaid purchaser, Justine Kellner McGheehan of Tallahassee. "You want the best for them and one of the best things you can give them is a head start towards a college education."

Once children are ready for college, they have a broad selection of universities to choose from under the Florida Prepaid College Plan. The plans can be used at Florida's 11 public universities, 28 community colleges (including the nine colleges offering baccalaureate degrees) and select technical schools. Or the plan's full dollar value, what would be paid to a Florida public college, can be transferred to most private and out-of-state colleges.

Only a $50 application fee is due by the January 31 deadline. The first plan payment is not due until April 20, 2010. Families can call 1-800-552-GRAD (4723) to order an Enrollment Kit and paper application in English or Spanish and speak to a customer service representative.

(1) Financially guaranteed by the State of Florida, pursuant to Sections 1009.98 (7) and (8), Florida Statutes, stating "the state shall agree to meet the obligations of the Board to qualified beneficiaries if monies in the fund fail to offset the obligations of the Board. The Legislature shall appropriate to the Florida Prepaid College Trust Fund the amount necessary to meet the obligations of the board to qualified beneficiaries. In the event the state determines the prepaid program to be financially infeasible, the state may discontinue the program. Any qualified beneficiary who has been accepted by and is enrolled or is within 5 years of enrollment in an eligible independent college or university or state postsecondary institution shall be entitled to exercise the complete benefits for which he or she has contracted. All other contract holders shall receive a refund of the amount paid into the Program, and an additional amount in the nature of interest at a rate that corresponds, at a minimum, to the prevailing interest rates of savings accounts provided by banks and savings and loan associations.

SOURCE Florida Prepaid College Plan