This post is series in a partnership with Florida Prepaid College Plans. If you want to enroll this year you only have a few days left! Enrollment ends at the end of February.
We started saving for our kids college funds several years back when they were much younger. Over the past few weeks we’ve started to have serious conversations with our oldest about high school and college. In January he applied for his high school of choice (he applied for 5 different programs actually). In February he was accepted to the local high school’s Academy of Engineering. Last week at school they started talking about the Florida Bright Futures Scholarships and how their high school grades can earn them money towards college. A few days ago my son started talking to me about the military and how they offer scholarship money also.
….I am not ready for all of this!!! I am not ready for my baby to be talking about college! He’s not even out of middle school yet and the decisions he makes today will affect the course of his high school and college.
Remember when your little one was a baby and everyone talk you, “Don’t blink, they’ll grow up before you know it?” and you thought they were crazy??? Well here I am telling new moms the same thing. DON’T BLINK!!! Before you know it, your baby will be talking about college!
I’m so blessed that we’ve been able to save money for both our children’s futures with Florida Prepaid, but what happens if they decide to go to school in a different state? What if they go to the military? What if they get other scholarship money? What if they don’t go to college at all? What happens to their Florida Prepaid money?
The good news is that you have options and you won’t lose your contributions.
Facts:
- Moving out of Florida does not affect the benefits of either plan. This is especially significant for children with Florida Prepaid College Plans because they will still be eligible for in-state tuition and fees when they attend a Florida College or State University with their plans.
- A Florida 529 Savings Plan can be used at any time. If the child will use a Florida Prepaid College Plan before the projected enrollment year selected on the application, the Account Owner must notify the Board 180 days prior to the new enrollment date and pay any revised amounts for the plan. If using the Florida Prepaid College Plan later, the child has up to 10 years from the projected enrollment year selected on the application.
- If your child decides to attend an out-of-state or private school we transfer an amount equal to what would be paid to the Florida school your plan is designed for – you’re just responsible for the difference. If this is the case, you can choose to receive the full value of your plan all at once, or transfer the funds on a credit hour by credit hour basis.
You can learn more about all the details and dispel any myths or concerns you may have by visiting the Florida Prepaid website.
While the future keeps inching closer and closer, I can feel at ease knowing that our contributions are safe with Florida Prepaid. Whatever my children decide to do with their future, they’ll have funds available to help them reach their goals.
Now if you’ll excuse me, I need to go add high school orientation to my calendar for 2 weeks from now and have a panic attack. As excited as I am to see them grow up, I really wish time would slow down just a little bit.
…before you know it, they’ll be out of the house!!!
It’s never too late to start saving for College! Florida Prepaid open enrollment is going on through the end of February. It doesn’t take much to open an account and you can start saving for your child’s future today!
Sign up today and use Promo Code: BLOG1617 to save 50% off the application fee! This promo code will save you $25 just for opening a Florida Prepaid account for your child! #StartingIsBelieving
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