Now is most affordable chance for Florida families to avoid college loan debt
Attending a college or university today is a major milestone for young Floridians and their parents – but one that can also be a major expense and source of stress. Student debt is crippling to so many graduates just starting out in life, which is why planning for a child’s academic success through Florida Prepaid College Savings Plans is one important way to help them avoid debt – and start building a life that is not only fulfilling to them – but contributes to our state and our economy.
I have long been a champion of Florida Prepaid, but as the Sunshine State’s nationally recognized prepaid college savings program celebrates its 35th year with reduced pricing at the lowest levels we have seen in a decade, I am urging more than ever that Florida families take advantage of this incredible opportunity.
Prepaid Plan prices for this 2024 Open Enrollment window, running February 1 through April 30, start at just $34 a month. This represents up to a 25% cost reduction across all five Prepaid Plan monthly payment options – at a time when families are seeing so many other costs go up due to inflation.
More than 35 years ago, the Legislature created Prepaid Plans to help families avoid student loan debt by saving in consistent, affordable monthly payments that never go up. Today the Florida Prepaid College Board is the largest and longest-running prepaid tuition program in the nation – known as a national model for excellence. More than 620,000 students have attended college using their plans. In total, more than 1.2 million families have purchased plans.
And thanks to this year’s price reduction, more families can start saving toward their future tuition -- for less than it costs for some entertainment streaming services or a few movie tickets.
Families can use Florida Prepaid College Plans to cover future tuition at our 12 highly ranked state universities, 28 state colleges and hundreds of technical and vocational programs. Florida universities continue to be highly ranked by U.S. News & World Report, noted for their combination of value and quality. Our 28 colleges are offering valuable four-year degrees in high-demand fields. And our technical and trade schools are training tomorrow’s web developers, welders and construction managers – more high-demand careers with great earning potential.
As your CFO, I encourage Florida families to take advantage of all the available tools and resources to help with college planning. Visit MyFloridaPrepaid.com today to research the best way to lock in future college costs for less and begin saving for your child’s future.
It’s never too early or too late to start preparing for college expenses.
Jimmy Patronis is Chief Financial Officer for the state of Florida.
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This article originally appeared on Tallahassee Democrat: Now is best chance for Florida families to avoid college loan debt
