This post is sponsored by the Florida Prepaid College Board, through my role as a Believer Blogger. All thoughts are my own.
No matter where you live on this planet of ours, I think it’s pretty safe to say that 2020 has been a year like no other for just about everyone. Some days the challenges seem endless. And if you’re a Florida parent like I am, I know we’re facing many of the same hard decisions at this very moment.
The Summer Is Bright. So Is Their Future.
No matter what we choose, ultimately all parents have the same goal, don’t we? We want to give our children every possible opportunity for a happy and successful future. For me, and I know for many of you, my children’s college education remains something to look forward to in the brighter days ahead. And even when the future is uncertain, saving for college is one of the smartest things you can do to lay the groundwork for success. Here’s why:
- Studies show that children with dedicated college savings are more likely to not only enroll in college, but to graduate.
- This is true even when they have only saved for a portion of their total college expenses – every little bit really does make a difference!
- Just $25 a month could grow into several thousand dollars by the time a child attends college. Think about the difference that could make in your child’s future!
529 Summer Savings
Florida Prepaid’s Open Enrollment period for 2020 has ended, but the opportunities to save for college aren’t over. If you missed this year’s Open Enrollment, I encourage you to consider a Florida 529 Savings Plan. A 529 Savings Plan is a different type of investment account that provides a flexible and tax-free way to save for college and/or K-12 expenses. Here are the basics:
- Investment earnings from a 529 Savings Plan are not taxed as long as they are used for qualified education expenses, including tuition, fees, room, board, books,and supplies.
- Choose from 14 available investment options; you can build your own portfolio or choose the most popular option, the Age-Based Portfolio, which automatically adjusts over time as your child grows closer to college age.
- The Florida 529 Savings Plan can be used nationwide for qualified college education expenses – not just at a Florida college or university.
- You get to decide when and how much to contribute to fit your budget and savings goals.
- Family and friends can use the online gifting portal to contribute to your child’s college education in lieu of more traditional birthday and holiday gifts.
You should also know that:
- A 529 Savings Plan can be used for some qualified K-12 education expenses.
- 529 savings can be used in conjunction with scholarships.
- The Florida 529 Savings Plan is open to Florida residents only
- If you move out of state, your Plan travels with you. The Florida 529 Savings Plan can be used at most colleges, universities, technical and trade schools, and more.
- There is no set time period for using your Florida 529 Savings Plan.
- If your child doesn’t go to college, you can close the Plan and withdraw the remaining balance. You can also transfer it to another family member.
- If you already have a Prepaid Plan, you can use a 529 Savings Plan to cover costs that aren’t covered, like books, supplies, or housing (if you did not purchase a Prepaid Dormitory Plan)
And the best part? Opening a Florida 529 Savings Plan is easy as 1-2-3.
- Open your account for free
- Choose your investment options.
- Start saving.
It’s that simple!
Learn More. Save More.
You can use the Florida 529 Savings Plan to see how your savings and investments can grow with a Florida 529 Savings Plan. I think you’ll be pleasantly surprised.
Plus you don’t want to miss out on this summer promotion: Florida Prepaid will contribute $25 to any Florida 529 Savings Plan opened between now and August 16! And for plans set up with an automatic monthly contribution of $25 or more, Florida Prepaid will contribute another $25.
Are you a current customer? If you haven’t set your account up for automatic monthly contributions, you can earn $25 by setting them up through your online account.
Remember, this promotion ends on 8/16/20, so be sure to Florida 529 Savings Plan! Hang in there, guys. The future is bright. We’ll get through this.