Florida Prepaid College Program
By Janelle Floyd
Senior Outlook Writer
The Florida Prepaid College Board recently started accepting applications for the 2015-2016 open enrollment period.
Running from Oct. 15- Feb. 29, 2016, the program aids in helping families save for college tuition, as early as when a child is born.
Jalyn Tureaud, Florida A&M University senior, has been on the program since she was two years old. Saving from 2-years-old to 18-years-old, her tuition was paid off from freshman year to senior year in college.
“My mom and dad both value education,” Tureaud began. “They really wanted me to be in a place where I could be stable enough, to go to college if I wanted to. [Being in the program] was a kind of safety net.”
Florida Prepaid offers multiple plans including:
•2-year Florida college plan—covers tuition and most fees for 60 credit hours at a Florida college.
•4-year Florida college plan—covers tuition and most fees for 120 credit hours at a Florida college.
•2+2 Florida plan—covers tuition and most fees for 60 credit hours at a Florida college and for 60 credit hours at a State University.
•1-year Florida university plan—covers tuition and most fees for 30 credit hours at a state university.
•4-year Florida university plan—covers tuition and most fees for 120 credit hours at a state university.
•Florida 529 Savings plan—funds saved can be used on any higher education expense, including, tuition, room and board, textbooks, graduate school, ect.
Even though all the programs are used to save for higher education, there are some differences between the prepaid plans and the Florida 529 savings plan.
The Florida Prepaid plans (2-year Florida college plan, 2+2 Florida plan, 1-year Florida university plan, etc.) can only be opened during the winter enrollment period, the child or legal guardian must have been a Florida resident for the past 12 months and the plan can only be used at a Florida college or state university.
Compared to the Florida 529 Savings plan, the enrollment period is always open, the child or guardian does not have to be a Florida resident and the plan can be used at any college/university in the nation.
“We know research tells us that college savings make a huge impact on whether a student goes from high school to college,” said Shannon Colavecchio, Florida Prepaid spokesperson. “If they know they have college savings, it just sort of sets that expectation from an early age that college is where they are going to go.”
To find out more information on all the plans offered, visit myfloridaprepaid.com.