Disclosure: This is a sponsored post on behalf of Florida 529 Savings Program. However, my love of this program is 100% mine.
College can be one of the most expensive investments you make for your children. Because of the rising cost of colleges each year many people end up putting it on a back burner and never even end up attending college. I was blessed enough to have had my parents use the Florida Prepaid program when I was little and had all expenses paid when I reached college. However, although my husband was a Florida Resident this program wasn’t available when he went to college. Thus, we’re still paying for his college loans. With 4 kids and one on the way my hubby and I have talked about their future college dreams and I know it’s been a concern for us. We don’t want them to end up with the debt he did from college and so we’ve begun discussing the future and their college expenses.
Thankfully if you live in Florida that investment doesn’t have to be a an impossible one. The Florida college option has changed dramatically and now going to college in Florida or nationwide can be something that is easy to achieve thanks to the Florida 529 Savings Program.
What is a 529 Savings Plan?
529 savings plans are named after section 529 of the Internal Revenue Code 26 U.S.C. § 529 and are designed to encourage saving for future higher education expenses of a designated beneficiary. Many states offer 529 savings plan options, including Florida Prepaid.
Money from a 529 plan can be used for tuition, fees, books, supplies and equipment required for study at any accredited college, university or vocational school in the United States and at some foreign universities. The money can also be used for room and board, as long as the fund beneficiary is at least a half-time student. Off-campus housing costs are covered up to the allowance for room and board that the college includes in its cost of attendance for federal financial-aid purposes. Qualified education expenses do not include student loans and student loan interest. There is legislation currently going through Congress that will expand the qualified
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.
With the Florida 529 Program you don’t have to wait for an enrollment period and can do so at anytime! Most important you don’t have to be a Florida Resident to enroll so if you have grand kids, friends or relatives you want to get this program for and live out of state you can easily enroll.
Check out this helpful guide below:
The Florida 529 Savings Plan can be started at anytime and only requires a $25 initial deposit to open. Even if you can’t save for your child’s entire college education, starting something is always better than doing nothing. The funds in a 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,individuals are free to adjust as well.
The Florida 529 Savings Plan offers you the ultimate in flexibility. Simply choose from the investment options, then contribute as much and as often as you’d like to suit your budget and goals. Each investment option, such as our popular age-based option that automatically allocates contributions based on the age of the child, is independently run by professional investment managers. There are 11 investment options let you invest in any way you feel comfortable. From more aggressive to more conservative options, and with age-based and fully customized approaches, you have as much control as you want over how much you invest and where it’s invested. And as the years go by, you’re free to change contribution amounts and how they are allocated at any time.
With #5 ready to be born in a month the options are limitless to what we can begin doing to save up for college. Thanks to all these options from Florida Prepaid we’ll be able to concentrate on other things and not worry so much about the how will we able to pay for college.