Tallahassee, Fla. – To raise awareness of the state-sponsored college savings plans available to Florida families, the Florida Prepaid College Board has joined Wachovia Bank on a grass-roots marketing initiative.
Effective today, nearly 800 Florida Wachovia locations will make information and brochures available in their lobbies regarding the Florida Prepaid College Plan and the Florida College Investment Plan.
“College can be expensive if you don’t plan ahead. Through partnerships, such as this one, we are able to educate families on the benefits of the State’s college savings plans and continue to provide Florida families with an affordable way to save for their children’s future college education,” says Ted Hoepner, Chairman, Florida Prepaid College Board. “It makes perfect sense for us to partner with Wachovia, an institution that thousands of Floridians trust for financial advice.”
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. Once signed up, payments never increase. 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.
The Florida Prepaid College Plan is the largest program of its kind in the country, with more than one million plans sold. The 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. Enrollment for the Florida Prepaid College Plan runs through 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 they want 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.