Start saving for your child’s college education with a Florida 529 Savings Plan. Open a new account during the 529 Summer Jump-Start Promotion to get up to $50 seeded into your account. This post is sponsored by the Florida Prepaid College Board, through my role as a Believer Blogger. All thoughts are my own.
Open enrollment for Florida Prepaid 2017-2018 has come and gone–but that doesn’t mean you can’t start saving for your child’s college education!
Right now, new customers who enroll in a Florida 529 Savings Plan by June 30, 2018 on MyFloridaPrepaid.com will receive a $25 contribution.
In addition to the $25 bonus, which will go directly into your new college savings account, an additional $25 contribution is being offered to those who set up automatic monthly contributions of at least $25 to the new account. Together, these bonuses equal $50 of free money for your child’s higher education!
The 529 Summer Jump-Start Promotion is limited to the first 5,000 new accounts opened between May 29, 2018 and June 30, 2018.
What is the Florida 529 Savings Plan?
Unlike Florida Prepaid plans, the Florida 529 Savings Plan is an investment plan that does not have a set payment amount or schedule. You can contribute as much or as often as desired, and there is no application fee or minimum monthly contribution. Funds may be used tax-free to pay for ANY qualified higher education expense nationwide. You also don’t need to be a Florida resident to open an account.
Another difference in the 529 Savings Plan and Prepaid Plans is that the Florida 529 College Savings Plan is not guaranteed by the State of Florida and is subject to fluctuations in the financial markets.
While this can seem a bit daunting, the Florida 529 Savings Plan has been recognized as a Top 10 performer among direct-sold 529 plans for 10-year investment performance in Savingforcollege.com’s latest quarterly performance rankings. Each investment management firm is monitored constantly.
Personally, the Florida 529 Savings Plan is a no-brainer for our family because there are no fees to get started.
Ideally, you would want to set up automatic monthly payments so you won’t forget about making regular contributions (and with minimum $25 monthly auto payments, it’s affordable for families who are on a budget!). The money in the Florida 529 Plan can be used for tuition, fees and housing, as well as extra costs, like books, lab fees and technology equipment — it can even be used in conjunction with a Florida Prepaid Plan!