The Morning Blend


College Savings Plans

Posted at 11:22 AM, Feb 15, 2021
and last updated 2021-02-15 11:22:44-05

As families continue to recover from the pandemic, Florida Prepaid College Savings Plans is opening its annual Open Enrollment with affordable plans starting at $45 per month. The Florida Prepaid College Board is encouraging Floridians to plan for a brighter tomorrow by finding a plan that meets their budget and goals. Florida families last year purchased more than 50,000 plans, committing to their children’s future even as the pandemic hit.

In a recent study conducted by the board, 98 percent of Florida parents surveyed say college is more important than ever or just as important in the wake of COVID-19 and its impacts on jobs and personal finances. Yet the same survey found that less than one-third of families, or 29%, are saving for college – and of those saving, almost two-thirds of families are saving through a vehicle that lacks the guarantee or tax benefits of a Florida Prepaid Plan.

The earlier a family starts saving for a child’s college education, the less they need to save each month. And a Prepaid Plan allows families to pick the plan to fit their savings goals, and lock in the cost of college for less.