Learn the Benefits of Florida Prepaid + Save $25 off the application fee with Florida Prepaid Promo Code MUSE20! This post is sponsored by Florida Prepaid College Plans. All thoughts are my own.
If there is one thing I regret as a parent, it’s not saving for my daughter’s future college education from the day she was born. Dramatic? No.
When you’re a new parent, I know the last thing on your mind is saving for college. But the reality is, this is the absolute best time to start saving.
As Floridians, we have the luxury of affordable college savings plans from Florida Prepaid at a fixed monthly rate.
This year, Florida Prepaid plans are the lowest in 5 years, meaning you can start a college savings plan for a newborn starting at $44 a month— That’s an incredibly low rate for future peace of mind!
Looking back, I would have saved SO MUCH MONEY (and reduced stress!) if I had enrolled my daughter in a Florida Prepaid College Plan during her first open enrollment period.
This year she turns sixteen, and we’re already looking at colleges in the state — the pressure is on us both!
The good news is that you don’t need to make the same mistake I did. Florida Prepaid Open Enrollment is here until April 30, 2020 — you can enroll your child in a Florida Prepaid College Plan TODAY and not stress about how you’re going to pay for their future education.
Even if you’re past the newborn stage, there are Florida Prepaid College Plans for every budget.
Florida Prepaid makes it easy to calculate plan prices with their handy calculator — just enter your child’s birthdate to see the monthly rates for each plan. >> See Plan Prices Now!
When my daughter was born, I knew of Florida Prepaid, but I didn’t know the benefits or how much it would have saved me in the long run. Even more, I didn’t realize there wasn’t any risk when it came to saving for her future education.
Benefits of Florida Prepaid
First thing, what they say is true: the sooner you start saving, the better!
If you’re a new parent (or grandparent!), it’s never too early to start thinking about your child’s future education.
With Florida Prepaid, you can enroll in a plan during open enrollment as soon as your child is born. That will give you a full 18 years to save for college tuition and most fees. Ideally, this is the time to enroll because monthly premiums will be the lowest and you’ll lock in the tuition rates for 2020, which again, are the lowest in 5 years.
Even if your child is a little older, it’s still a great time to enroll in a Florida Prepaid College Plan. The sweet spot is from newborn through 5-years-old, but even parents of grade- and middle-schoolers can still benefit from a Florida Prepaid College Plan.
Here are the answers to some of the most common questions about Florida Prepaid
What if my child doesn’t go to college?
Plans can be transferred to another family member, or you can get a refund for the amount you paid for your plan.
What if my child receives a scholarship?
You can use a Prepaid Plan to cover other college costs like grad school. Or you can get a refund for what would have paid out on your plan and use that for housing, supplies, etc.
What if my child goes to school out of state?
The amount you paid into the plan can be used at most schools nationwide. You’ll never lose any of the money you put into the plan.
What if we move out of state?
Your Plan travels too! Plus, if your child returns to a Florida school, the Plan qualifies them for in-state tuition.
What if Florida Prepaid rates go down?
You’ll receive a refund! This year’s price reductions are due to successive years of lower than anticipated tuition and fees increases and impact plans purchased 2008 and after. This price reduction impacts the families of 224,000 students— nearly half of all customers have refunds totaling $500 million with the average refund being $4700!
How long can a Prepaid Plan be used?
A Prepaid Plan locks in coverage for a full ten years AFTER your child’s projected high school graduation/college enrollment year.
I think the big takeaway is that there is no risk when you enroll your child in a Florida Prepaid college plan. And most importantly, your child’s college tuition and most fees can be paid over years, without worry or stress!
Florida Prepaid Open Enrollments runs through April 30, 2020 >> Save $25 on your application fee TODAY with code MUSE20!