Open enrollment for a state program allowing parents to lock in college tuition rates for their kids is just around the corner. Florida prepaid college plans help Florida families save thousands on higher education.
FSU Junior Cathleen Chambless has a lot of the same worries as her friends like making grades or finding a parking spot. What she doesn’t worry about is tuition.
Cathlee Chambless's parents invested in a Florida Prepaid College Plan. She says, “I was really happy about it because I have a Bright Futures Scholarship too so It end-up working out.”
With the scholarship Cathleen actually has extra money, cash she can spend on books and everyday living cost. She’s not alone. About one out of every five students at Florida’s public universities use the plan to pay for college.
The plan allows parents to lock in the cost of tuition now. Diane Hirth Spokeswoman for the Florida Prepaid College Board says parents should buy into the plan as soon as their children are born. Diane says, “If you had bought the plan for the student going to college at a Florida college this fall, if you bought it 18 years ago, the savings would have been 8,000 on your tuition.”
Jenn Meale started investing in her daughter Ivey’s plan just weeks after the girl was born. Jenn spends more to drive than she does on the prepaid plan. She says, “the payments are about 100 bucks a month and it’s less than we pay a month on gas, so we just continuously pay that amount and by the time she’s 18 she’ll be set.”
All money paid into the plan is backed by the state and can be taken out any time. One Caution: if you take the money out early you only get the principle back, with no interest. Open enrollment begins on October 20th.and lasts through January