Families interested in a Florida Prepaid college plan have until midnight Jan. 31 to sign up at this year?s plan prices ? though it?s important for buyers to remember that Prepaid is not the only good option for saving for college.
Tax-free 529 college plans, which invest money in the stock market, offer greater flexibility than Prepaid in both the required monthly contributions as well as the type of college expenses that the plan can be used to pay for. The advantage of Prepaid is that the benefit is backed by the state of Florida, which provides an extra level of security for those who are uncomfortable with the risk associated with stock market investments.
Contrary to popular belief, Florida Prepaid is not buying college at ?today?s prices? ? rather, families are paying considerably more than college costs today, but are betting that college will be even more expensive in the future, making Prepaid a relative bargain.
Families get a bigger savings from buying a lump-sum Prepaid plan, as the monthly installment plans are more expensive over the long haul, with a roughly 4 percent interest charge that is tacked on. For a newborn child, prepaying in a lump sum for two years of community college costs $8,331, while four years at a state university costs $53,729.
Find more information at myfloridaprepaid.com.
- MICHAEL VASQUEZ
Source: http://www.miamiherald.com/2013/01/30/3209029/deadline-is-here-for-florida-prepaid.html
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