Time is Short for Florida Families to Think Long-Term
Friday, January 15, 2010
TALLAHASSEE, Fla. - Thirty-three percent of Florida families list "increase savings" as a top financial resolution for this year, according to a survey by financial firm Edward Jones. And one way to make good on that resolution is to save for college. The Florida Pre-Paid College Plan has helped more than 200,000 students pay for higher education over the years.
Florida families thinking of depositing savings toward that goal in 2010 should be aware that time is running out, however. Plan chairman Duane Ottenstroer says families have only until the end of January to sign up. He says it only takes $50 to enroll a child, and payments can be made in a lump sum, across five years or monthly.
"It helps them save for college in an efficient way, and it helps them avoid future price increases by locking in today's prices."
He says studies show a college education means, on average, a million dollars more in income during a lifetime compared to the earnings of those with only a high school diploma.
The prepaid tuition plans can be used at any of Florida's 11 public universities, 28 community colleges or technical schools, or the full value can be transferred to most private and out-of-state colleges. Prepaid tuition plans may be purchased for Florida children at any time from their birth through the 11th grade by anyone who cares for them - not just a family member, Ottenstroer adds.
"Anyone who has an interest in seeing that someone gets through college without a lot of debt can do it."
More information is available at www.myfloridaprepaid.com or by calling 1-800-552-GRAD.
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