Deadline approaching for Florida Prepaid College Plan sign up
There is only one week left for those who wish to lock in this year’s plan prices for the Florida Prepaid College Plan, which began in October, before the deadline on Jan. 31.
“The earlier families begin saving for college, the better,” Chairman Duane Ottenstroer of the Florida Prepaid College Board said in a prepared statement. “This year, we evolved to make plans more comprehensive and expanded our consumer-friendly savings choices with the introduction of a new plan option, the 4-Year Florida College Plan, to allow a student to obtain a bachelor’s degree in many workforce related areas such as teaching, nursing and business management at one of Florida’s 28 Colleges.”
This year the Florida Prepaid College Board is offering more packaged plans that include tuition.
The plan provides assistance in covering the cost of college tuition, fees and housing for students attending college. There are two ways families can save for their child’s college education –Florida Prepaid College Plan and the Florida College Investment Plan.
The Florida Prepaid College Plan provides families with the opportunity to prepay the cost of college tuition, dormitory housing and required fees at any of the 11 Florida state universities, along with the 28 Florida colleges.
The Investment Plan provides five options for families to choose from, which includes how much they wish to deposit and when. This plan can be used at any college throughout the United States for tuition, fees, housing, food, books, supplies and computers.
Additional options of the 4-Year Florida University Plan and the 2+2 Florida Plan are also offered.
The 4-Year College Plan includes prepaid tuition, along with the majority of the fees for 120 semester hours at any of the 11 state universities in the state of Florida. This plan covers tuition, the majority of required fees and 60 upper and lower division credit at a Florida college.
The 2+2 Florida Plan helps a student achieve their 60 lower division semester hours, along with registration fees at a Florida college through the prepaid plan.
Supplementary plans are also being offered for families who have already purchased a tuition plan. Families also can participate in the 529 savings plan, which provides the opportunity for parents to put money into a tax free account until their child is in college and needs additional money for expenses.
More than 1.4 million Florida Prepaid College Plans have been purchased since 1988, which equals to one of every 10 children having a prepaid college plan. The Florida Prepaid College Trust Fund paid $82.1 million to Florida’s public universities and colleges for student enrollment during the fall semester of 2009.
The plan pricing depends on the age and grade of the child and which plan the family chooses.
A $50 application fee is due by the Jan. 21 deadline, with the first plan payment due on April 20.
For those who wish to sign up for the program can do so by visiting www.myfloridaprepaid.com or by calling 1-800-552-4723.