Flagler College, St. Augustine, Florida
The Florida Prepaid College Board offers parents the opportunity to save for their children's college education.
Everyone knows that education costs continue to rise every year, which makes saving for your children's education that much more difficult. Not only do you need enough money to cover tuition and books, but you also have to think about dormitory fee's if your child is going to live on campus, as well as factor in inflation. It's enough to make your head spin.
There are two separate opportunities to start saving now, a prepaid college plan and a college investment plan. Each has its own pros and cons, so it's up to you to review each and determine what is best for your own situation.
Prepaid College Plan
- Lets you prepay for tuition, fees, and dormitory housing at a set price which is considerably lower than the cost when your child attends college.
- Intended for use in a Florida public college or university, however, you can transfer the actual monetary value of the plan to most private colleges and universities in Florida.
- Cost is dependent on your child's age at the time you start their plan.
- Does not cover books, food, supplies, or other costs.
- You choose from three different plans, all with a maximum of 4 years of education.
- Purchaser must be a Florida resident of 12 months or more.
College Investment Plan
- Allows you to save as much as you want toward your child's education, with the benefit of tax-free withdrawals.
- Can be used toward any education costs associated with the program of study, including books, supplies, room and board, equipment, tuition, fees, and even food.
- The investment plan can be used toward further education should your child go for a graduate degree.
- Florida residency is not required.
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