This Florida 529 Savings Plan post about the gift of education is sponsored by the Florida Prepaid College Board, through my role as a Believer Blogger. However, all thoughts and opinions are my own.
It’s intimidating to think about saving for college, but a Florida 529 Savings Plan can help you get proactive and plan ahead for your children’s future. There’s a lot to think about and understand when it comes to setting up a savings plan, which is why today we’re sharing three key things you should know about a Florida 529 Savings Plan. This will help break down some of the important facts and give you a starting point to learn more!
How a Florida 529 Savings Plan Works
A Florida 529 Savings Plan is an investment plan for saving money toward higher education, as well as certain K-12 expenses. The plan offers tax-free growth and can be used in combination with scholarships; the value of the plan can also be used nationwide. The Florida 529 Savings Plan has also been ranked among the best-performing college savings plans by SavingForCollege.com.
The Importance of Saving For College
Pursuing higher education in America also means higher costs — and with the current price of tuition, it’s sobering to think what the cost of attending college could be in 10-20 years. It’s more important than ever to have a plan in place for your children to help offset tomorrow’s debts, but with so many families struggling financially, it might feel out of reach. However, a Florida 529 Savings Plan is an affordable option: Automatic monthly contributions can be set up for as little as $25 per month if desired, but there’s no set payment schedule or minimum monthly contribution required, so families on a budget can put in what they can, when they can. A study by the Center for Social Development found that children with as little a $1 to $499 set aside for college are 2.5 times more likely to enroll in and graduate from college than children with no savings account. So putting a priority on education from a young age could still be a help to your child, even if you are on a shoestring budget.
Now is The Best Time to Start
It’s recommended that parents start saving for their child’s education at birth, but it’s never too late to start: All ages are eligible for a Florida 529 Savings Plan. The sooner you start, the more you’ll be able to put away – and as extra incentive, there is a special 529 Summer Jump-Start Promotion happening right now where you can earn extra contributions for your account! Here’s how it works:
There is no application fee to enroll, so if you’ve been considering a 529 Savings Plan, now is the time to act! This promotion will be limited to the first 5,000 new accounts opened between 05/29/2018-06/30/2018, so don’t delay – visit MyFloridaPrepaid.com/529JumpStart now for all the details on the 529 Summer Jump-Start Promotion!
- If you enroll in a new Florida 529 Savings Plan anytime now through June 30th 2018, you will earn a $25 contribution into your new college savings account.
- To sweeten the deal, if you set up automatic monthly contributions by June 30th, you will earn another $25 contribution into your account.
Jump-Start Your College Savings this June
Have you started saving for your child’s college education yet?