“There are too many questionable things when it comes to a college savings plan. Why go in that direction when I can simply put money into my bank savings account?”
Sound familiar? Believe me, I had the same thought because with so much information out there it can be hard to understand how a Florida Prepaid Plan works. This post is sponsored by the Florida Prepaid College Board. All opinions are my own. #StartingIsBelieving
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DEBUNKING THE TOP 5 FLORIDA PREPAID COLLEGE PLAN MYTHS
Why save with Florida Prepaid when you can save at your bank instead?
1. MYTH: IF YOUR CHILD RECEIVES A SCHOLARSHIP YOU LOSE EVERYTHING YOU’VE INVESTED.
TRUTH: Florida Prepaid plans and scholarships work great together! Every Florida Prepaid College Plan is GUARANTEED by the State of Florida, so you’ll never lose what you have invested. Families can use their prepaid plan and scholarships to cover college expenses and you may even end up with some funds leftover, which can be applied to graduate schools around the country. If your child receives a scholarship, you can also get a refund for the same amount as the plan would pay a public college or university in Florida.
2. MYTH: Every child with a Florida Prepaid plan must attend a Florida State College or University.
TRUTH: While Florida Prepaid Plans are designed for Florida colleges and Universities, your child can attend any college in-state, out-of-state, and even out of the country – public or private! Florida Prepaid will pay other schools the same they would have paid to Florida College or University.
3. MYTH: My child has to use their Florida Prepaid Plan the same year they graduate High School.
TRUTH: Your child can use their scholarship during any academic semester, including summer terms, beginning in the summer of the student’s projected college enrollment year. But, if your child decides they don’t want to start college right away, that’s okay. They have 10 years from their projected college enrollment year to use their scholarship. You may also transfer benefits to another qualified family member or request a refund altogether.
4. MYTH: College prices are going to be drastically different in 18 years so you’re going to end up paying a lot anyway, so a Florida Prepaid Plan is pointless.
TRUTH: Tuition and fee rates, tuition inflation, and investment yields are all taken into consideration when it comes to the price of the Florida Prepaid Plan that you specifically sign up for. If prices rise more than expected, Florida Prepaid will still pay the fees covered by your plan! One of the major advantages of a Prepaid Plan is that it’s guaranteed by the State of Florida.
5. MYTH: Starting a Florida Prepaid Plan is too expensive and takes too long.
TRUTH: There is an application fee to sign up your child which is usually $50/child. Fortunately, I have a discount code that will save you $30 off your application! That means you can sign your child up for only $20. Use DUTY1920 to save. This exclusive code is only offered until April 30th so you must use it quickly. Now as far as the application process, you can complete an application in less than 15 minutes! Not expensive and not long at all.
No matter what college they choose, no matter what state they want to settle down in, no matter what life may throw at them, you will know your children will have their hopes and dreams at their fingertips when they’re ready to pursue them.
To learn more information and apply, head over to MyFloridaPrepaid.com. Be sure to follow Florida Prepaid via Facebook.com/FloridaPrepaid and Twitter at @FloridaPrepaid for the latest updates.