This post is in partnership with Florida Prepaid, however, all opinions are my own.
It’s hard to believe that it’s already time to start thinking about the future. Our kids are still young, but is it ever really too young to start planning for saving for their college education?
And while that might seem like a daunting task, you can’t let that deter you from getting started. Why wait on something that you know will have a future positive impact on the education of your children? If you’re wondering how Florida Prepaid Plans can be a benefit to your family now and in the future, you’re not going to want to miss out on these tips.
How does Florida Prepaid work?
It’s really quite painless and simple to set up. You choose a prepaid plan that works best for you, and they do the rest of the work. The payment is estimated to cover the projected costs of college for your child and helps you save at a pace that is affordable. You’ll never lose rhe money you put in because all Prepaid Plans are guaranteed by the state!
Why Florida Prepaid is Beneficial for Families
Knowing that I can set a monthly payment that I can budget for and afford is a huge relief. There are a lot of other great reasons why Florida Prepaid is a beneficial college savings tool.
Plans can be used for private and technical schools as well
Many people think that Florida Prepaid can only be used for public universities or colleges, but that just isn’t the case. These plans can be applied toward private schools and even trade schools.
The value of your Prepaid Plan gets applied to where they ultimately attend.
Your child can use their plan out of state
What happens if your child chooses a school outside the state of Florida? No worries! Your prepaid plan value can be applied toward out-of-state tuition and expenses as well!
You can save in both a Florida 529 Savings Plan and a Florida Prepaid Plan
Talk about a double whammy of awesome saving potential! If you already have a Florida 529 Plan, that doesn’t mean that you can’t have a Florida Prepaid Plan, too! Use them both to find the most efficient way to plan for ALL the expenses of your child’s education – not just tuition and housing, but school supplies and other expenses.
Your Prepaid Plan can be used for 10 years AFTER your child graduates high school
There’s no rush when it comes to using your Prepaid Plan, which takes away a lot of the pressure of your child having to go to postsecondary school right away.
The Florida Prepaid Plan can help fill in the gaps that scholarships don’t cover
If your child earns scholarships, congrats! That’s such exciting news! You can then use the unused value of your Prepaid Plan to get a refund and cover other college costs or even grad school.
The plan can be purchased and gifted by anyone in your family
The big kicker to know is that the child getting the Prepaid Plan has to be a Florida resident BUT someone else can start it and contribute to it at any point in time.
As you can see, Florida Prepaid is a great reminder for parents to start saving now for their child’s education. Once you make the choice to put money aside, you’ll never regret that decision, ever!
Currently, we have both the Florida Prepaid Plan and Florida 529 Savings Plan for both of the boys. It just makes sense to get these plans for the kids now. Use promo code Maven2021 to save $25 on the application fee.
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