What to Do With the Tax Refund? Invest in Your Kid's Education
Wednesday, April 13, 2011
TALLAHASSEE, Fla. - Floridians facing Monday's deadline for filing income-tax returns are being urged to consider building tax-free savings for college via the Florida College Investment Plan.
The $30,000 average cost of four years of in-state tuition and fees for a public college today is expected to triple to more than $100,000 by 2026. Duane Ottenstroer, who chairs the Florida Pre-Paid College Board, offers an investment plan which allows parents to save funds tax-free to send their children to college.
"What we are encouraging is that when you get your tax refund, instead of spending it, you invest it through the Florida College Investment Plan."
A college investment plan can be opened with as little as $250. This program supplements the pre-paid program that locks in tuition and fees at today's rates, and is a timely move with Florida college tuition rising more than 15 percent in the past two years.
The plan's purchasers may use the funds to pay for many college expenses, Ottenstroer says, including tuition, fees, room and board, books, and even computers.
"The difference between having a college education and a high school education in terms of future earning power is about $1 million over a lifetime."
The Florida College Investment Plan and the Florida Prepaid College Plan are the largest and longest continually operating plans in the nation. For details, visit myfloridaprepaid.com or call 1-800-552-GRAD (4723).
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