As a parent we want our children to succeed. It is often said that parents want their children to do better than they did. In this day and age, it is harder for children to succeed without some type of post-secondary education. Did you know the employment rate for people over the age of 25 with a bachelor’s degree is 2.7 percent? While the employment rate for the same person with a high school diploma only is 5.4 percent. I know I want my child to not have to deal with unemployment and want to give them all tools they need to exceed. If only I had this same thought process when my children were born and took the opportunity to look into a Florida Prepaid College Plan.
Florida Prepaid College Plan
The first Florida Prepaid College Plan was sold in 1988 and is the largest, longest-running, and most successful prepaid program in the nation. All prepaid plans are financially sound and guaranteed by the state of Florida. The purpose of a Florida Prepaid College Plan is to allow parents to begin purchasing a college education for their child anytime after they are born until they begin 11th grade. A low monthly payment beginning when my child is born versus full tuition at the time your child is ready to go to college is a big difference.
Florida 529 Savings Plan
If a Florida Prepaid College Plan is not achievable you can always sign up for a Florida 529 Savings Plan, unlike a prepaid plan the 529 savings plan is a way for you to save for your child’s education without tying yourself down to a monthly payment structure. Anyone can add money to your Florida 529 Savings Plan like a family who might want to purchase a birthday or Christmas gift for your child.
The Florida Prepaid College Board’s annual open enrollment period has begun and will run through February 28, 2018. This is the only time of the year when families can purchase a Florida Prepaid College Plan. There are 5 different plans you can select from depending on your budget and college needs.
- 2 – Year Florida College Plan: this plan covers tuition and other fees for 60 lower division credit hours at a Florida College. Your child has the opportunity to earn an associate’s degree or trad certification.
- 4 – Year Florida College Plan: in addition to the above this plan covers 60 upper division credit hours at a Florida College, the amount required to earn a bachelor’s degree.
- 2 + 2 Florida Plan: similar to the 4 year college plan the difference is that this plan covers 60 lower division credit hours at a Florida College and 60 credit hours at a State University.
- 1 – Year Florida University Plan: this plan covers tuition and fees at a State University for 30 credit hours . This is the most affordable prepaid plan and allows extended family members or friends to purchase a year or two as well.
- 4 – Year Florida University Plan: this plan covers tuition and fees for 120 credit hours at a State University.