Have you put away money towards your child’s college education? If so, how are you currently saving for them? If not, have you thought about it?
If you’ve been following me, you know that we are self-employed. With an income that tends to fluctuate, it’s hard to commit to a steady payment every month for years. However, Florida Prepaid offers the Florida 529 Savings Plan, which allows us the flexibility to decide what options work best for our budget and goals for our two kids. Since they will both be entering college one year after another, we know that we will be responsible for a lot of expenses around the same time-frame. Two years ago we learned about the Florida 529 Savings Plan offered by Florida Prepaid, and it came as a relief. We finally found a way to save for their college without having to sweat paying the contribution every month. And now we are partnering with them to spread the word about it, with a giveaway.
What is a 529 Savings Plan?
529 savings plans are named after section 529 of the Internal Revenue Code 26 U.S.C. § 529 and are designed to encourage saving for future higher education expenses of a designated beneficiary. Many states offer 529 savings plan options, including Florida Prepaid.
Money from a 529 plan can be used for tuition, fees, books, supplies and equipment required for study at any accredited college, university or vocational school in the United States and at some foreign universities. The money can also be used for room and board, as long as the fund beneficiary is at least a half-time student. Off-campus housing costs are covered up to the allowance for room and board that the college includes in its cost of attendance for federal financial-aid purposes. Qualified education expenses do not include student loans and student loan interest. There is legislation currently going through Congress that will expand the qualified expenses.
May 29 was National 529 day and Florida Prepaid is trying to increase awareness about college savings and the Florida 529 Savings Plan. In celebration of 529 Day, Florida Prepaid is giving 10 Florida families $529 in a Florida 529 Savings Plan!
The Florida 529 Savings Plan – offered by Florida Prepaid
The Florida 529 Savings Plan can be started at anytime and only requires a $25 initial deposit to open. Even if you can’t save for your child’s entire college education, starting something is always better than doing nothing. The funds in a Florida 529 Savings Plan can be used for any qualified higher educational expense, including tuition, room & board, textbooks, graduate school and much more. This gives you extreme flexibility to use the funds as you see fit, for whatever your child may need. And should those needs change during his/her college years, individuals are free to adjust as well.
The Florida 529 Savings Plan offers you the ultimate in flexibility. Simply choose from the investment options, then contribute as much and as often as you’d like to suit your budget and goals. Each investment option, such as our popular age-based option that automatically allocates contributions based on the age of the child, is independently run by professional investment managers. There are 11 investment options let you invest in any way you feel comfortable. From more aggressive to more conservative options, and with age-based and fully customized approaches, you have as much control as you want over how much you invest and where it’s invested. And as the years go by, you’re free to change contribution amounts and how they are allocated at any time.
The Florida 529 Savings Plan Scholarship Giveaway:
You could be one of 10 lucky winners of a $529 scholarship deposited into a Florida 529 Savings Plan account. Florida residents, 18 and over, can enter to win anytime between May 15 to June 11, 2017.
ENTER: Visit bit.ly/529giveaway daily
Disclosure: This post is a paid collaboration between myself & Bloggin’ Mamas on behalf of Florida Prepaid. All opinions expressed are my own.