TAMPA, Fla. — The deadline for 2019 Open Enrollment in the Florida Prepaid plans is Tuesday, April 30.
With tuition rates skyrocketing, families know it's important to start saving early.
When you are living paycheck-to-paycheck, affording college for your son or daughter can seem impossible. However, you have some options.
Florida Prepaid allow you to lock rates for tomorrow's tuition at a public Florida college or university at today's rates. It allows you to select from options with specific costs, payment schedules and benefits.
The 1-Year Florida University Plan is the most flexible plan. It can be purchased in incremental years and allows for multiple plan purchasers, so friends or family members can help make up the difference.
For a newborn baby, locking in today's rates for the 1-year Florida University Plan would cost a family about $47 until the year 2037.
It is an amount you need to commit to paying every month.
The 1-Year Florida University Plan is designed to be used at a Florida College or State University, but the money contributed to the plan can also be applied to other schools nationwide.
The most popular plan is the 4-Year Florida University Plan, which allows a student to get a bachelor's degree from one of Florida's 12 state universities. The monthly cost starts about $186.
The five prepaid plans can be used for ten years after a child graduates from high school, meaning a plan is good for a newborn until the year 2047.
You can enroll or learn more about Florida Prepaid by visiting myfloridaprepaid.com or calling (800) 552-4723.
Another option for families to afford college is the Florida 529 Savings Plan. It allows you to choose from investment options and to decide just how much and how often you contribute.
You can have both a 529 plan and a Florida Prepaid College Plan.
The biggest difference between the two is the Florida 529 Savings Plan is subject to fluctuations in the financial markets, while the Florida Prepaid plans are guaranteed by the State of Florida.
There is no deadline to enroll in a Florida 529 Savings Plan.