A Secret Benefit To Florida Prepaid College Plans You Probably Didn’t Know About

college grad with parentsFlorida is one of the very few states to still offer a robust Prepaid College Plan. Over 1 million Floridians have benefited from the plan over the past 25 years.

Florida families can sign up and prepay their child’s college expenses while they’re still young, locking in prices and avoiding any future cost increases.

That takes the worry out of paying for college.

And as with other prepaid or college savings plans, earnings are tax-free when used for qualified higher education expenses.

But the Prepaid plan has another important advantage that few people know about.

If you sign up for the Plan and then move out-of-state, your child can still come back and attend a Florida public college or university and pay in-state tuition rates.

That’s an incredible deal, since Florida costs are among the lowest in the country, and 6 of our universities just ended up on Kiplinger magazine’s list of “100 top values” in public education.

As an in-state resident, for example, it will cost you $63,772 for four years of tuition, room and board as a University of Florida Gator. But as an out-of-state student, those costs rise to $152,880.

That’s a huge savings, and makes the Florida Prepaid College Plan a very attractive buy.

 If you are interested in the plan, it will open again for new purchases in the Fall.

And as a reminder, you can purchase a Florida Prepaid College Plan as long as the child or their parent has been a Florida resident for the last 12 months.

About Mari Adam

Mari Adam, Certified Financial Planner™ and President of Adam Financial Associates Inc, has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

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