SHARE:
Press Release
Florida Prepaid announces annual open enrollment: Plans start at $45/month
Families who enroll in February will have the $50 application fee waived
- Open Enrollment is the only time each year that families can lock in the price of a prepaid tuition plan and optional prepaid dormitory plans
- Prepaid Plans start at $45 per month, and families can enroll for free and save $50 now through February 28.
- Recent survey shows Florida families value college as much or more in light of the pandemic, and want to save to ensure a stronger foundation for their children.
TALLAHASSEE, Fla. –As families continue to recover from the pandemic, Florida Prepaid College Savings Plans is starting its annual Open Enrollment with five affordable plans starting at $45 per month, each built for flexibility and guaranteed by the State of Florida. The Florida Prepaid College Board is encouraging Floridians to plan for a brighter tomorrow by finding a plan that meets their budget and goals. Florida families last year purchased more than 50,000 plans, committing to their children’s future even as the pandemic hit.
In a recent study conducted by the Board, more than 90 percent of Florida parents say college is more important than ever or just as important in the wake of COVID-19.
“As challenging as things continue to be, we are encouraged to see how many Florida families are looking to brighter days ahead and the importance of a college education,” said Board Chairman John D. Rood. “We hope that every family will consider enrolling in a Prepaid Plan, which offers them secure, guaranteed and affordable college savings options.
Prepaid Plans offer certainty in an uncertain world.” Prepaid Plans are designed to help families maximize their college savings by picking the plan to fit their savings goals, and locking in the future cost of college for less. And the earlier a family starts saving for a child’s college education, the less they need to save each month. This allows families to start saving early so their child’s college tuition is ready and waiting for them.
2021 Florida Teacher of the Year Krista Stanley attended Florida State University using a Prepaid Plan, and encourages families to save early for their children, just as her parents did. “I am grateful for this program and the flexibility it offers to parents across the State of Florida,” said Stanley. “Florida Prepaid changed my life and allowed me to be financially prepared before, during, and after college.”
More than 70 percent of the families surveyed by the Florida Prepaid College Board who are saving for college, said they are doing so because they want their child to have a strong foundation in life, to have more choices in the future, and to have a greater chance of future success.
If a child attends an out-of-state or private college, a Prepaid Plan will pay the same amount as it would pay at a public college or university in Florida. Every Prepaid Plan is guaranteed by the State of Florida, so you can never lose your investment, and a child has up to 10 years after high school graduation to use the plan.
With Plans starting at $45/month for a 1-Year Florida University Plan for a newborn, there is no better time to start saving. The Board also offers five other Prepaid Plans, including the most popular 4-Year Florida University Plan, as well as the 1-Year University Dormitory Plan.
Families can use the online Prepaid Plan pricing tool to determine what the various plans cost based on a child’s age, as well as explore the available payment options.
Open Enrollment runs February 1 through April 30. For more information, visit www.myfloridaprepaid.com.
About the Florida Prepaid College Board
The Florida Prepaid College Board manages the Stanley G. Tate Florida Prepaid College Program and the Florida 529 Savings Plan. Both are tax-favored 529 college savings plans authorized by Section 529 of the Internal Revenue Code. In 1987 the Florida Prepaid College Program was created by the Florida Legislature and the commitment and dedication of Mr. Stanley G. Tate to provide Florida families with an affordable means to save for their children’s future college education. The first Florida Prepaid College Plans were sold in 1988, and were augmented with the addition of the Florida 529 Savings Plan in 2002. The Board also oversees two direct-support organizations – The Florida Prepaid College Foundation and Florida ABLE, Inc., d/b/a ABLE United. Florida Prepaid is the largest, longest-running and most successful prepaid plan in the nation with more than 2 million Florida Prepaid College Plans purchased and more than $15 billion in assets. The 529 Savings Plan has more than 99,000 active accounts with a market value of more than $890 million.
