THIS YEAR’S PREPAID COLLEGE OPEN ENROLLMENT PERIOD ENDS TUESDAY, JANUARY 31ST
Tallahassee, Fla. – January 31st is the last day of this year’s open enrollment period for the Florida Prepaid College Plan. Why is this date so important? It is the last day that parents and grandparents can lock in the current Prepaid Plan prices and avoid paying increased tuition costs in the future. By enrolling today, families not only get the peace-of-mind that comes with the guarantee offered by the State of Florida§, but a financial strategy that could save them thousands of dollars in years to come.
According to Ernst & Young, the Florida Prepaid College Board’s actuarial consulting firm, when today’s newborns enter college 18 years from now, the cost of a 4-year education at a Florida public university (including tuition, local fees and dormitory housing) will be approximately $93,628. With the Florida Prepaid College Plan, today a family can purchase 4 years of tuition, local fees and dormitory housing at a Florida public university for a newborn for approximately $28,191, if made in a lump-sum payment, and save more than $65,000*.
“The Prepaid College Plan provides Florida families with an affordable means to save for their children’s future college expenses,” states Tom Wallace, Executive Director of the Florida Prepaid College Board. “Families can save hundreds – if not thousands – of dollars by locking in the prices now and avoid paying higher fees in the future. If families were ever considering college for their children, now is the time to enroll in the Prepaid College Plan.”
The Prepaid College Plan is financially guaranteed by the State of Florida, making it a safe and affordable way to save for college.§ This year, tuition plan prices start as low as $24 a month for the two-year community college plan and $79 a month for the four-year university plan. The prices vary based on the type of plan selected and the age of the child enrolled. Once registered, the plan payments are fixed and never increase. Sign up now and your first payment is not due until April 2006.
When the child is ready for college, the program covers the actual cost at any Florida public university or community college, or the value of the plan may be transferred to most private colleges in Florida, select technical schools and most out-of-state colleges. To qualify, the child or the child’s parent/guardian must be a Florida resident. Anyone, including parents, grandparents, friends or even businesses, can purchase a plan.
Don’t let another year go by and pay more for what you can get now! To lock in this year’s prices, you must submit an application – online or by mail – by Tuesday, January 31, 2006. To enroll online, visit www.florida529plans.com or call 1-800-552-GRAD (4723) to request an enrollment kit and application.