I wanted to let you all know that I am now a Florida Prepaid Mama’Bassador! One of my duties is to tell you all about the Open Enrollment Period for the Florida Prepaid Plans. It is the only time of year when you can purchase a Prepaid Plan and it lasts from October 15, 2015 through February 29, 2016.
You may remember my student loan debt story from 529 Day. In fact, I literally enrolled in a student loan rehab program yesterday to get back on track with paying it back and improving my credit. Did you know that if your loan goes into default, the government can withhold your income tax refund, withhold a portion of your income, affect your ability to get home loans and more? I am happy to have avoided that all, but imagine that my parents had purchased a prepaid savings plan for me when I was young? I would not be in this position of having to pay hundreds of dollars a month for the next 25-30 years. I certainly don’t want my kids to go through this trouble when they go to college.
My parents did not have a lot of money and four kids, so I think they did not believe they could afford a college savings plan. However, investing in a prepaid plan now locks in the rates of today for tuition and therefore, saves money in the long run. Also, it helps ensure that your child can get a college/university education without worrying about paying their tuition. Worried that your child might want to attend a college out of state or you may move? Every cent of the value of the Florida prepaid plans can be applied at any university or college nationwide. #StartingIsBelieving in your child and giving them the opportunity to be successful in their future.
Check out this cool video that makes me kind of tear up watching it:
Considering enrollment? Here are the options available to you to get started:
- 1-Year Florida University Plan:
o Now there is a more affordable way to save for State University credit hours. Introducing the new 1-Year Florida University Plan
o You can purchase one year, or 30 credit hours, at a time according to your budget and timeline, without feeling the pressure of having to buy all four years at once
o The plan also allows multiple purchasers to buy a plan for the same child. So now you can team up with other family members to help pay for your child’s higher education. (For example, let Grandma and Grandpa buy one year and you purchase another. A
child can have up to four 1-Year Florida University Plans).
- 2-Year Florida College Plan
o Set your child up with a practical, affordable path to entering his/her chosen career with an associate’s degree or trade certification
o Give your child the advantage over those with only a high school diploma
- 4-Year Florida College Plan
o There are 28 Florida colleges and they’ve expanded their capabilities far beyond the two-year programs. In fact, most now offer four-year bachelor’s degree programs in growth industries like nursing and teaching, and continue to grow their degree programs year after year.
o And since they’re typically less expensive than a university education, the 4-Year Florida College Plan provides a practical, affordable path to a bachelor’s degree
- 2+2 Florida College Plan
o Your child can receive a degree from one of Florida’s prestigious state universities for less than a typical four-year university degree
o By starting your child off at one of the state’s 28 Florida colleges, you’ll save money on lower level courses before transferring to a State University to finish off their degree
o Students with this plan are guaranteed admission to a state university once they’ve earned their associate’s degree at a Florida college
- 4-Year Florida University Plan
o This Plan will start your child off at one of Florida’s 12 prestigious state universities and see them through their four-year journey.
o If your child decides to start at a college (which are typically less expensive), the unused funds from this Plan can be applied to a post-secondary degree or you can get the remaining money back.
As for me, I really like the 1-Year Florida University Plan because I like the idea of splitting it up so that you can at least start now even if you aren’t ready for a 4-Year Plan yet. I also like the idea of encouraging others to contribute to it. The way I see it, investing in this is going to last much longer than toys and clothes that people usually give kids for presents. The key here is to start.
Whether you’re already familiar with Florida Prepaid and still need some guidance or you’re just getting started, this Interactive Conversation will help you learn even more about the Florida 529 Savings Plan and Florida Prepaid College Plans. Click this hashtag #StartingIsBelieving and join the conversation!
Disclosure: This is a sponsored post via a Bloggin’ Mamas campaign with Florida Prepaid. While some information was provided by the sponsor, all opinions expressed are my own.