I’m at the point this holiday season where I’ve literally run out of gift recommendations for people for #dailybocaavery. The last thing my Boca kid needs is another toy! We’re going to have to move out of our house at the rate we’re going. Instead, I am encouraging those close to us (especially the grandparents) to help us start a new valuable holiday tradition: saving for education.
Did you know 90% of grandparents, if asked, would likely contribute to a college savings fund in place of other gifts?
After much research, we’ve decided that saving for education makes the most sense for our family through Florida Prepaid.
What is Florida Prepaid?
A Florida Prepaid College Plan allows families to prepay, on a monthly or lump-sum basis, the future cost of college tuition, specified fees and dormitory housing.
When your child is ready for college, the plan pays the tuition and fees at any Florida College or State University. If your child attends an out-of-state college or private college, the plan will pay the same amount as it would pay at a public college or university in Florida. The best part? Every Prepaid Plan is guaranteed by the State of Florida and there are so many options.
But which plan should you go with? Here’s the route we’re taking…
Saving for Education: The 4-Year Florida University Plan
- This Plan will start your child off at one of Florida’s 12 prestigious state universities and see them through their four-year journey.
- If your child decides to start at a college (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.
- Like all of Florida Prepaid Plans, use isn’t restricted to Florida schools. The amount covered by your Prepaid Plan can be used at schools nationwide.
But what if my child receives a scholarship or doesn’t end up going to college?
If your child receives a scholarship, then congratulations to you! You can get a refund for the same amount as the plan would pay a public college or university in Florida. Ka-ching!
Your child also doesn’t have to start college right away. He/she has up to 10 years after his or her year of projected enrollment to use the plan or you can transfer the plan to another child if they decide to opt out of higher education.
Open enrollment is NOW!
Florida Prepaid’s Open Enrollment period is now through February 28 (2017), so there’s never been a better time to get started with this new family holiday tradition! This is also the only time each year you can purchase Prepaid Plans.
Want to save even more money?
Head to www.myfloridaprepaid.com and use my promo code: BOCA1920. You’ll get $25 off your application fee until 4/30/20!
Also, bookmark this handy checklist before you start the application process to make it easy on yourself. Happy Holidays!
Sponsored: This saving for education post was sponsored by Florida Prepaid via Bloggin Mamas. All opinions expressed in this blog post are my own and not influenced in any way by the sponsor. Any statistic, quote or other representation about a product or service should be verified with provider, so please refer to this site’s Disclosure for more information. I was compensated for this post, but that does not impact my views or opinions.