Florida Prepaid encourages families to start saving now, as recent research shows that 85 percent of good jobs will require higher education by 2031.
- Florida Prepaid is encouraging families to start saving this fall toward a child’s future higher education costs by giving families a $50 gift card when they start saving with either a Florida 529 Prepaid Plan or Florida 529 Savings Plan.
- The offer applies to plans opened between September 3 – October 28, 2024.
- Updated research by Georgetown University shows that 85 percent of well-paying, promising jobs available by 2031 will require postsecondary education.
TALLAHASSEE, Fla. –Florida families will receive a $50 gift card when they start saving with either a Florida 529 Prepaid Plan or Florida 529 Savings Plan now through October 28, 2024, as the Florida Prepaid College Board encourages families to explore the two types of 529 college savings plans. Both plans work together to allow families to build a flexible college savings strategy.
The fall incentive comes on the heels of the most successful Open Enrollment season in 10 years, with families purchasing both plans in record numbers. Moreover, recent data from the Georgetown University Center on Education and the Workforce shows that 85 percent of well-paying, promising jobs available by 2031 will require postsecondary education.
“We are thrilled to see so many families taking advantage of these affordable college savings options, and we want to keep this momentum going so that more Floridians can enjoy the peace of mind that comes with saving early,” said Florida Prepaid College Board Chairman John D. Rood. “Our two plans offer families flexibility and affordability to build a personalized college savings strategy and provide an easy way to prepare their children for the workforce needs of the future.”
Florida Prepaid is the largest and longest-running prepaid college program in the nation, having helped more than 1.2 million families save for college since 1987. More than 626,000 students have already used their plan, both in-state and nationwide, demonstrating the success of the program. Families can lock in today’s plan prices to cover future tuition and fee costs and make affordable monthly payments. Prepaid Plans start at just $34/month for a newborn – the lowest pricing in a decade.
The Morningstar medal-winning Florida 529 Savings Plan is a flexible, tax-free investment plan that can be used nationwide for qualified education expenses, including tuition, fees, room, board, books and supplies. With a 529 Savings Plan, the account owner maintains control and chooses when and how to invest. The Savings Plan allows families to save want they want, when they want, or they can set up automatic monthly payments for as little as $25/month.
Recent updates to tax rules also now allow families to use their 529 Savings Plan funds toward tuition and mandatory fees for K-12 education. And effective January 2024, parents with unused college savings in a 529 account can transfer that money to a beneficiary’s Roth IRA (individual retirement account).
Visit myfloridaprepaid.com to learn more and get started today.
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About the Florida Prepaid College Board
The Florida Prepaid College Board manages the Stanley G. Tate Florida Prepaid College Program and the Florida 529 Savings Plan. Both are tax-favored 529 college savings plans authorized by Section 529 of the Internal Revenue Code. In 1987 the Florida Prepaid College Program was created by the Florida Legislature and the commitment and dedication of Mr. Stanley G. Tate to provide Florida families with an affordable means to save for their children’s future college education. The first Florida Prepaid College Plans were sold in 1988 and were augmented with the addition of the Florida 529 Savings Plan in 2002. The Board also oversees two direct-support organizations – The Florida Prepaid College Foundation and Florida ABLE, Inc., d/b/a ABLE United. Florida Prepaid is the largest, longest running and most successful prepaid plan in the nation, with more than 2 million Florida Prepaid College Plans purchased and more than $15 billion in assets. The 529 Savings Plan has more than 158,000 active accounts, with a market value of more than $1.4 billion.