Saving More for College with Florida Prepaid

by jennifer28. October 2016 13:21
This post is sponsored by the Florida Prepaid College Board through my role as a Believer Blogger. All thoughts and opinions are my own.  Open enrollment for Florida Prepaid College Plans started October 15th and will continue through February 28th, 2017. The #TampaTrio all have Florida Prepaid accounts, I've discussed that many times on the blog. I've also discussed how the plan can be transferred if one of the kids decides to go to an out-of-state school or heck, maybe no college at all. But recently I've begun thinking more about what we would do if one of the kids showed great academic promise our Florida Prepaid wasn't enough. And if she/he was able to get a scholarships/grants would that really be enough? I would really like to be able to help my kids graduate from college debt free. Did you know that students who earned a bachelor’s degree in 2015 left school with an average of $28,100 in debt. That's a lot of money. I know it. I lived it. Had it not been for some wise financial decisions I would still probably be paying off my own student loans rather than being able to save for my kids. And I did have scholarships and grants. But it wasn't enough (though the fact that I earned multiple advanced degrees might have something to do with it too, but we won't go there ). As my oldest daughter is now nearly 1/2 way through her middle school years, and her academic talent is beginning to emerge. Last year in 6th grade she earned a perfect score on the ELA (English Language Arts) State Assessment Test. That score triggered Duke University to invite her to take the SAT or ACT as a 7th grader. No pressure. Just to see how she does. We chose the ACT over the SAT because I took the ACT back in the day. I scored a 32, cold. No test prep. One and done.   But here's the thing. Students with the highest scores may be eligible to receive a scholarship to attend TIP’s Center for Summer Studies!! And by highest scores I mean the top 5 percent of academically talented students in their grade level.  And just check out the courses they offer!  If she qualifies and gets a scholarship, we can afford to pay the difference and send her. But that's a 2 week summer program. Not a 4-year degree. And she's not my only kid. I also have Ronin who is showing a lot of skill with computer programming. He was able to spend a week this past summer living in a dorm on a college campus and coding coding coding. He had the time of his life. But again, a 1-week summer program. Not a 4-year degree. And I still have one more kid.   Ella's first year in Middle School has been good. She's making friends, she's learning how to manage her time. And she tried out, and was awarded a part in the school play. She is dramatic, and funny, and wants to be an actress when she grows up. She's passionate and determined and when she sets her mind to something she is unstoppable. Perhaps this summer she will want to attend a unique theater camp. I can do that. But what if she wants to attend The Julliard School? Yearly tuition is currently $41,310. The #TampaTrio are curious little people. And curiosity makes learning more effective and enjoyable.   I want to foster that little bit of weirdness that is inside each of them as they travel on their life path. How am I going to do that? i want to open a Florida 529 Savings Plan. From their site "The funds in your Florida 529 Savings Plan can be used for any qualified higher educational expense, including tuition, room & board, textbooks, graduate school and much more. This gives you extreme flexibility to use the funds as you see fit, for whatever your child may need. And should those needs change during his/her college years, you’re free to adjust as well." A 529 Plan will help me to pay for all those summer academic excursions and (if needed) additional expenses not covered through their current Florida Prepaid plans. Are you fully prepared? Are you ready to open plans for your kid(s)?? If you open an account no later than February 28, 2017, you can save 50% off the application fee!!  The promo code will save you $25.    Promo Code: BLOG1617 Open Enrollment period (Oct. 15 through Feb. 28), is NOW and prices are low!  in addition to the 529 plans there are other options available too!  2-Year Florida College Plan 4-Year Florida College Plan 2+2 Florida College Plan 4-Year Florida University PlanAnd there is also a new plan available! The Florida Prepaid College 1-Year Florida University Plan. You can purchase one year, or 30 credit hours, at a time according to your budget and timeline, without feeling the pressure of having to buy all four years at once. The plan also allows multiple purchasers to buy a plan for the same child. So now you can team up with other family members to help pay for your child’s higher education. For example, let Grandma and Grandpa buy one year and you purchase another. A child can have up to four 1-Year Florida University Plans. Learn more about Florida Prepaid College Plans in this video. Follow Florida Prepaid College Plans on Facebook, Twitter, and YouTube to stay up to date with information on not only the scholarship program and open enrollment but get tips on college and more.

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#TampaTrio | Ella | Haley | Ronin

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