Open Enrollment for Florida Prepaid College plans is here! Open enrollment may have have many parents wondering when or if they should start saving for their child’s college education. The best time to start saving for your child’s college tuition is now. Parents that save early for college benefit from peace of mind of knowing their child’s future is secured, can lock in tuition prices before they go up, and will spend less on college education costs overtime. More importantly, they can save their child from incurring enormous amounts of student loan debt upon graduation.
Naturally parents may wonder how they can afford to save for college with all the other costs associated of raising children. Between child care expenses and every day living expenses, it seems almost impossible or overwhelming to set aside money each month for college, especially when college seems so far away.
But what if I told that you could enter your child’s date of birth, choose a plan (two-year or four-year for example) and learn just how much you’ll want to save each month? You can. The Florida Prepaid College Board makes it easy and affordable for families to save now for their child’s college education. The earlier a parent starts to save, the better. Through Florida Prepaid, parents choose a savings plan that is right for them. With each plan, parents pay for future tuition and fees at the current price of the plan that they select. The Florida Prepaid College Plan is unlike the Florida 529 Savings Plan. The 529 plan is an investment plan similar to a 401k plan where parents decide how much and how often they want to contribute. Like your 401k, the Florida 529 Savings Plan is subject to fluctuations in the financial markets.
For parents that choose a Prepaid Plan, parents must enroll during the Florida Prepaid Open Enrollment period. That period began October 15th and goes through February 28, 2018 and is eligible for children birth through before a child enters the 11th grade.
Four Reasons Why Parents Should Start Saving For College Now
1. Prices are locked and guaranteed.
Florida Prepaid College Plans prices are locked and will never increase. If your child chooses or gets accepted to a non-Florida school, the plan can be applied to public, private, in-state and out-of-state, institutions nationwide.
2. Better employment opportunities and income earnings for your child’s future.
We’ve always been told that a college degree gives someone a chance at a better future. A recent Georgetown University study estimates that a student with a bachelor’s degree can earn $1.6 million more in their lifetime than a student with only a high school diploma. That’s a huge difference!
3. Avoid rising college tuition costs.
Bloomberg estimates that since 1985 the cost of college has increased 538% – more than twice as
fast as medical costs (286%) or gasoline (200%). The guarantee of a Prepaid Plan allows families to avoid worrying about future college costs.
4. Saving when children are young gives parents and students peace of mind.
Knowing that funds have already been set aside to pay for college will help families avoid the stress that other parents and graduating high school students experience when high school graduation is imminent and they find themselves unprepared.
Visit the Florida Prepaid website to enter your child’s date of birth, and see just how much you’ll want to save each month. If you complete enrollment before November 30, you’ll be entered for a chance to win your Prepaid Plan paid in full. Remember, Open Enrollment is the only time each year parents can purchase Prepaid Plans for their child and ends Feb. 28, 2018. Use my promo code: Just1718 to receive $25 off the application fee during open enrollment.
This post is sponsored by the Florida Prepaid College Board, through my role as a Believer Blogger. All thoughts are my own.