Tallahassee, Fla. – The long-term success of a business community is tied to a better educated workforce. While high school diplomas are a great start, many of today’s businesses are looking for college graduates to fill entry-level positions. And for many parents in Osceola County, the question isn’t whether they want to send their children to college, but if they can save enough money to get them there. The Florida Prepaid College Board offers two great options for college savings: the Florida Prepaid College Plan and the Florida College Investment Plan.
To help inform residents on ways to save for future college expenses, the Florida Prepaid College Board has joined forces with the Kissimmee/Osceola County Chamber of Commerce. As part of the alliance, the Chamber of Commerce will distribute information regarding both college savings plans.
The Florida Prepaid College Plan began in 1987 and has sold close to 1.1 million contracts since its inception. Our data shows that, on average, one out of every 10 children in Florida have a Florida Prepaid College account. However, there are still many families with children in Osceola County who have not taken advantage of the benefits the program offers.
“Higher education opens the door to greater opportunities for children, families and the business community,” says Tom Wallace, Executive Director of the Florida Prepaid College Board. “Through our partnership with the Kissimmee/Osceola County Chamber of Commerce, we know we can achieve our goal of reaching many Osceola County parents and provide them with affordable options to save for their children’s future college education.”
With the Florida Prepaid College Plan, families can lock in the cost of college tuition, local fees and dormitory housing for a child at today’s prices. When the child is ready for college, the plan covers the actual cost at any Florida public college; or the value of the plan can be transferred to most private colleges in Florida, select technical schools and most out-of-state colleges.
Investing in a college savings plan is a big financial commitment, but it is well worth it. With a Prepaid College Plan, the rates are locked in today and prices never increase. A family’s investment is guaranteed and will be there when it is time for the child to go to college. There is a prepaid plan to meet every family’s financial need, to provide the opportunity for each child to realize his/her full potential.
Additionally, the savings for a family can be dramatic in many cases. According to Ernst & Young, the 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 Florida Prepaid College Plan is financially guaranteed by the State of Florida, making it a safe way to save. To qualify, the child or the child’s parent/guardian must be a Florida resident. Anyone, including parents, grandparents, friends or even businesses, may purchase a plan. The open enrollment period for the Prepaid College Plan ends on Tuesday, January 31, 2006.
The Florida Prepaid College Board provides families with a second option to save for college. The Florida College Investment Plan, which offers a range of investment options and flexibility, may be used for any qualified college expense, including tuition, fees, room and board, books, supplies, computers, and equipment required by the college. The plan may be used at any public or private accredited university, community college or technical school, anywhere in the country, and even at some schools abroad. Families may enroll in the Investment Plan at any time of year, and they decide how much and how often to contribute. There are no Florida residency requirements for the Investment Plan, providing grandparents with another way to save for college for their out-of-state grandchildren.
For enrollment information on either plan, call 1-800-552-GRAD (4723) or visit www.florida529plans.com.