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4 Myths about the Florida Prepaid College Plan

           Disclosure: This is a sponsored post for Florida Prepaid through Bloggin’ Mamas. All opinions are entirely my own.

How are those New Years resolutions going? I have to admit, I am doing pretty good. My reading challenge is going great and I have definitely been getting more “Me” time. What about those family resolutions? Earlier in the year, I talked about the financial resolution every parent should make. I think saving for your kids college is pretty important. Have you checked out the Florida prepaid college plan yet? If you live in Florida and have kids, you should!

Open enrollment ends February 29th, so time is running out to lock in today college rates for your little one! There are a number of different payment plans & options so you are bound to find one that works for you!

Even though the prepaid college plan has been around 25 years… some people are still not quite sure how it works! Here are the top 4 myths about the Florida Prepaid college program (directly from the Florida Prepaid website):

Myth: I can’t use my prepaid plan at an out-of-state or private college.
Facts: Not true! It is true that prepaid plans are designed to be used at Florida Colleges or State Universities, however, the value of the plans can be used at other schools nationwide. Whether you pick a public, private, in-state or out-of-state school we’ll pay the same as we’d pay a Florida School.
Myth: If I get a scholarship I can’t use my prepaid plan.
Facts: False! Prepaid plans can work along with any scholarships you earn to make sure as much of your educational costs are covered as possible. For example, if you qualify for Bright Futures, in most cases, your scholarship will be applied then funds from your Prepaid Plan will be applied. You can use the remaining funds for other school costs, like books. You can also receive a refund equal to what would have been paid to the school.
Myth: To use my prepaid plan I have to go to college right after I graduate.
Facts: Again, totally false. Your Prepaid Plan is good for 10 years after the projected year of enrollment included in your prepaid application. So you want to take a year off to work? Or maybe you want to backpack through Europe? Go for it! Just come back this decade.
Myth: If I buy a prepaid plan for a Florida College and my student decides to go to a State University I lose my investment (or vice versa).
Facts: Absolutely not! If your student decides to go to a State University and the plan you bought was designed to be used at a Florida College (or vice versa) you can most definitely still use your plan! Your plan benefits will automatically convert. For example, if you have a 2 + 2 Florida Plan and you decide to go to a State University your plan will end up covering around three years of costs, since two years at a Florida College is about the same value as one year at a State University.

Be sure to check out the website before open enrollments ends, and if you use the code BLOG1516 you will get a gift from Florida Prepaid for signing up. As someone who had the prepaid college program, I can tell you from experience it is a wonderful program. I graduated from FSU without a single cent of student loan debt!

 

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Comments

  3. MAPLELEOPARD says

    This sounds like a great way to save for college, we have a similar plan here in WA but I did not take advantage of it for my kids..bad mistake!! Great post Lauren!

    Valerie

    Reply

  11. Bohemian Babushka says

    GREAT post, and as a fellow participating parent (The Trio and now The Grands) I can't chime in loud enough on how wonderful this plan is. BB's very happy to be a mamabassador like you, sharing their praises. BB2U

    Reply

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