This post is in partnership with Florida Prepaid, however, all opinions are my own.
Florida Prepaid is something that I’m actually really excited about for the future of our boys. The fact that we can start saving now for their college education makes me hopeful for their future.
The last thing that I want to do is burden them with a huge college bill or college expenses that are just too big to handle. Why not do anything that I can now to help them better prepare for their future?
Why We Choose To Get Florida Prepaid
Our boys are 5 and 9 years old and we discussed a lot about what the future would look like for us. A big part of that decision involved our oldest son who has Autism. We were trying to figure out if we should open a savings account for the boys after going back and forth and researching different options, we decided that the Florida Prepaid and the Florida 529 Savings Plans are what we needed.
A big win for us was also the fact that our oldest is on the Gardiner Scholarship, which is a scholarship for kids with disabilities like Autism. The great thing about Gardiner is that it can be applied toward our oldest son’s Florida 529 Savings and Florida Prepaid accounts.
If you have a child with disabilities and have a scholarship, I recommend this option! It is super easy and it gets automatically taken out of the scholarship fund every month!
This is why Florida Prepaid has been such a huge blessing to our life and is certain to be one to you as well.
Since there seems to be a lot of misinformation flying around the Internet, I thought it would be a great time to tell you some facts about why Florida Prepaid is a great savings plan choice.
Florida Prepaid Myth Busters
Before diving into a few truths, it’s important to know exactly what Florida
Prepaid is first.
What is Florida Prepaid?
Think of it like a prepaid savings plan that works for you and your budget. Monthly payments are figured and estimated as a projection of the costs of college for your children in the future. You then save money each month at an affordable pace that stays consistent.
The state of Florida also guarantees Prepaid Plans, so you don’t have to worry about losing money that you put in or about the ups and downs of the stock market. They manage it for you.!
Now that you know a bit about what Florida Prepaid is, let’s talk about a few things that just aren’t true.
Myth # 1 – You can only use Florida Prepaid for state universities in Florida
False! Your prepaid plan can be applied to trade schools, private schools, AND public colleges in the state of Florida.
Myth # 2 – Your child has to go to school in Florida to use the savings plan
This is a big myth. If your child chooses a school a thousand miles away (oh no!), they’ll be able to use the value of their Florida Prepaid Plan toward any out-of-state tuition.
Myth # 3 – If you don’t use the money right after your child graduates high school, you lose it
Wrong again. You actually have up to 10 years from high school graduation to use the balance for higher learning costs, so there is plenty of time for your child to figure out exactly what they want to do.
Myth #4 – Only parents can start and add money to a Prepaid Plan
The Florida Prepaid Plan can actually be started by anyone, as long as it’s started for a child who lives in Florida.
See how it’s important to separate the facts from fiction? As you can tell, having a Florida Prepaid
Plan for your child is a great way to start saving now for their future. Saving money for their college can never happen too early!
We have this set up for both our boys and we’re so happy that we do. I love talking to them about the importance of saving for college and walking the walk by showing them that we’re serious.
Use promo code Maven2021 to save $25 on the application fee for your Florida Prepaid Plan. Open Enrollment ends April 30!