Florida Prepaid Myths Debunked
This post is sponsored by Florida Prepaid: College Savings Plan but opinions are entirely my own.
Are you confused about the many ways to save for your child’s higher education in the state of Florida? Do you want to plan for your child’s future education but feel that as an “average” family you can’t afford to do so?
The key to saving for college is to start NOW. You can start to save for college as soon as your child is born! Florida Prepaid has savings plans that fit every family and every budget. It is never too early to secure your child’s future.
Florida Prepaid allows parents, caregivers and families to prepay the future cost of college. My very own family used the Family Prepaid program many years ago! When I was ready for college, Florida Prepaid paid the tuition, tuition differential fee and other fees covered under my plan. Florida Prepaid plans are guaranteed by the State of Florida, so you will never lose your investment.
With the end of Florida Prepaid College Savings Plan open enrollment rapidly approaching on February 28th, we are here to help debunk the TOP FIVE common Florida Prepaid misconceptions.
MYTH #1: Florida Prepaid is restricted to Florida schools only.
FACT #1: Florida Prepaid is not restricted to Florida schools only; the amount covered by your Prepaid Plan can be used at schools nationwide!
MYTH #2: Your child must use his/her Florida Prepaid program shortly after completing high school.
FACT #2: Your child has up to TEN (10) years after his/her year of projected date of enrollment to use the plan.
MYTH #3: If your child receives a scholarship you cannot receive a refund.
FACT #3: If your child receives a scholarship, you can get a refund for the same amount as the plan would pay a public college or university in Florida. Prepaid plans can also work along with any scholarships you earn to make sure as much of your educational costs are covered as possible!
MYTH #4: If your child decides not to attend college, you will lose your entire investment.
FACT #4: You will not lose your entire investment! If your child decides not to go to college and you cannot pass it on to a sibling, most prepaid plans will refund the principal. In some cases, you may be charged a cancellation fee.
MYTH #5: If you move out of the state of Florida, you will lose your plan.
FACT #5: While state residency is required to purchase a Prepaid College plan, state residency is NOT required to keep one! Even if you or your child move out of the state of Florida, your plan will continue as though you never left the state. If your child decides to attend a state college or university in Florida, they will still receive in-state tuition. Awesome!
I hope this list has helped dispel some of the misconceptions and myths surrounding Florida Prepaid plans. I encourage you to visit the Florida Prepaid: College Savings Plans website for even more information.
Open enrollment will end on February 28th and will not reopen until the end of the year. Use the code BLOG1617 to get FIFTY (50%) percent off of your enrollment fee!