It’s that time of year again! Every year, Floridians have the special and unique opportunity to enroll their children in a Florida Prepaid College Plan. And every year I am so excited to partner with them to spread the word!
Many of you are starting to settle down and start your families. For example, one of my Persuade to Profit students just had their first child a couple of months ago!
With a new baby comes new questions like:
- How is this going to affect my budget?
- How much are we spending on baby food and diapers?
- Child care costs how much?!?!
- And, how am I going to save for my child’s college education?
Enter Florida Prepaid.
Florida Prepaid is the largest and longest-running prepaid program in the nation. More than 1 million families have purchased Florida Prepaid College Plans since 1988, and more than 460,000 students have gone to college using Prepaid Plan benefits.
My brother and I are two of those 460,000 students. We both graduated from college debt free — in part because my parents enrolled us in Florida Prepaid when we were babies.
(Fun fact: I was enrolled the first year it was available!)
How Florida Prepaid Works
Florida Prepaid is quite simple. All you have to do is pick the plan that works for you and contribute as little as $47/month, based on this year’s prices.
For example, let’s say you want your child to go to a 4-year university. That means you would choose the 4-Year Florida University plan which covers tuition and most fees for the 120 credit hours required for a Bachelor’s degree at one of Florida’s 12 public universities.
This is the plan my parents chose for me and my brother, and it worked out perfectly! All they did was save money starting when we were babies, and when it was time for us to go to college, the Prepaid Plan covered our tuition!
Advantages to using Florida Prepaid
Speaking as someone who benefited directly from Florida Prepaid, I wanted to share some of the advantages this program afforded me and my family.
- My parents were able to save for our college education over time. This means they were able to handle the inevitable financial ups and downs of life – layoffs, sick parents, sick kids, etc. – while still saving for our education in manageable monthly increments.
- My brother and I were able to attend college without taking on student loan debt.
- Because I don’t have the burden of student loan debt, I was able to start a successful business that now grosses over six figures in revenue annually. I also have extra money to invest in index funds and real estate. In other words, not having to worry about student loans has helped put me ahead financially.
Important (and good!) changes to Florida Prepaid
Florida Prepaid just celebrated its 30th anniversary (coincidentally it was also my 30th birthday last year), and they are working to make the process of enrolling better and easier than ever!
Here are some changes you need to know:
- Open Enrollment is now February through April! This means families have time to recover financially from the holidays before enrolling their children in a Florida Prepaid program! This also helps you allocate end-of-year pay raises, bonuses or your tax refund toward your child’s education!
- Florida Prepaid is starting an Instagram account! You can find it here: https://www.instagram.com/myfloridaprepaid/
- They are waiving the application fee for the first 30 days of Open Enrollment! Just use the code AMANDA2019 when you sign up between February 1st and March 2nd 2019!
- The pricing DID NOT go up from last year! This means you can lock in the same price!
How to get started
Getting started with Florida Prepaid is simple and easy! Just follow these steps to get going.
Step 1: Explore the different Florida Prepaid plans by clicking here.
Step 2: Use the new online pricing calculator.
Step 3: Choose your plan.
Step 4: Fill out the application (remember to use the code BLOG2019 to waive the $50 fee!)
Step 5: Set up your monthly contributions
If you are a Florida resident already have children or are in the process of starting a family, do not hesitate to enroll your children in Florida Prepaid! It will make your life easier as a parent because you’ll be able to breathe easy knowing that your child’s tuition costs are covered. It will also help set your children up for a bright future, just like my parents did for me.