TALLAHASSEE, Fla.--(BUSINESS WIRE)--For the third year in a row, the Florida Prepaid College Board has set prices for the most popular Florida Prepaid College Plans that are near historic lows – opening the door for more families to start saving for college.
The 1-Year Florida University Plan for a newborn, for example, is still available for less than $47 per month, following the board’s approval of prices for the 2016-17 Open Enrollment period.
“With these prices, we are sending a strong and encouraging message to Florida families about our commitment to helping them save for college,” said incoming Board Chairman Ambassador John Rood, who takes the gavel from longtime Chairman Duane Ottenstroer. “The Prepaid Plan prices for the upcoming Open Enrollment period reflect the Board’s longstanding commitment to making the path to college simple and affordable.”
Ambassador Rood took over as the Board Chairman effective September 29, 2016. The Florida Prepaid College Board extends a sincere thank you to Chairman Ottenstroer for his commitment to the Board and to the families of Florida for the past 15 years.
When Open Enrollment begins on October 15, 2016, families will have the opportunity to purchase a 4-Year Florida University Plan for a newborn for less than $187 a month or a 2 + 2 Florida Plan for less than $148 a month. That is just 2 percent more than last year. A family can pay for Plans all at once or in monthly installments.
The Board continues to see increased demand for the 1-Year Florida University Plan, which allows families to purchase up to four years at a state university in one-year increments as their budgets afford them. 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. The 1-Year Florida University Plan is the newest of the Board’s six Plan options and was the second most popular plan purchased during the last Open Enrollment, led only by the 4-Year Florida University Plan.
Also popular are the college-based plans, with the 2-Year Florida College Plan starting at only $54 a month for a newborn; this covers two years of education at one of Florida’s 28 state colleges.
“These plans reflect the diverse and evolving needs of families today, and the many options that students have for getting a quality post-secondary education,” said Board Executive Director Kevin Thompson. “We encourage families to research our Prepaid Plan options to determine which is best for them. Saving early really is the best way to avoid debt and forge a strong path to college.”
Prepaid Plans will be available for purchase during Open Enrollment, October 15, 2016 – February 28, 2016. 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. Florida Prepaid is the largest, longest running and most successful prepaid plan in the nation with more than 1.6 million Florida Prepaid College Plans purchased and more than $6.7 billion invested in Prepaid Plans by Florida families. The 529 Savings Plan has more than 50,000 active accounts with a market value of approximately $449 million. To see how Florida Prepaid helps families, visit here.