Florida Offers Private College Savings Plan
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Del.icio.usParents who are looking for a way to pay for college can start early with a federal prepaid tuition program which is referred to as a 529 plan. States like Florida also have their own savings plan.
While Florida universities are still among the cheapest in the country, tuition at Florida State University, for example, has increased 400 percent over the last 18 years - from about $4,000 back then to about $16,000 this year.
You can enroll in the Florida Prepaid College Plan all year long, but starting Monday, through Jan. 31, parents who sign up will lock in 2009-2010 tuition rates. The first payment is due in April. If you sign up after Jan. 31, you will be prepaying at the 2010-2011 rate.
For example, if you have a child who is 1 this year and will start college at a public university in Florida in 2026, you could pay off four years of their tuition and a lot of the anticipated fees this year with a single payment of $38,837. Putting that same amount into the Independent 529 plan would buy about one year of tuition at Duke University 17 years from now.
This is a great opportunity to invest in your child’s education and save money. Tuition at private universities across the country increases 6 percent every year. Investing early can save you money over time.
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Editor: Melissa Steele is a freelance writer and focuses her research on funding for higher education. She is a graduate of UNLV and endeavors to keep her readers up to date with the most relevant education information.