Since today is 529 day I thought I would take a moment to tell you a little about one of the best decisions my Mom made when I was six years old. My Mom wanted to make sure I was given the gift of a college education without incurring the debt associated with it. My Mom was a single mother but she still managed to accomplish this goal using Florida Prepaid.
With the Florida Prepaid program paying 100% of my tuition, paired with several scholarships I was awarded, that I used for books and college supplies, I left college debt free. Did you?
When you’re in college, you aren’t really concerned with how student loan debt will impact you when you’re older. My husband was also the recipient of Florida Prepaid and he too finished his undergraduate degree debt free. The reality of student loans for him started to pile up in grad school. Luckily, we were both able to avoid this debt with our undergraduate degrees, but after Scott attended two different post grad schools…we are currently sitting on over 100K in student loan debt. After deferring payments for years, our current payments on these loans are more than the average mortgage payment here in South Florida. If there is one thing we want to make sure of for Blake (and all future babies), is that he is not left with this same type of debt after college.
Did you know by 2032 a Bachelor’s degree is estimated to cost $413,736.30…
Florida Prepaid offers two great options. You can do the Florida Prepaid Plan like I had as well as a 529 Savings Plan. The Florida 529 Plan is a great accompaniment to the Florida Prepaid Plan because your child can use it for all other college expenses such as books, housing, supplies and meal plans. You also have flexibility for choosing your investments within the savings plan.
So why open a Florida 529 Plan?
- All it takes is $25 to start your college savings plan
- Starting something is always better than starting nothing
- The funds in the Florida 529 plan can be used along with a prepaid plan or alone for tuition, books, housing and graduate
- Flexibility when it comes to your investments
In honor of National 529 day, I encourage you to take five minutes to sign your child up. It only take $25 to start their 529 Savings Plan. Give your child the savings plan that allows them to use the funds as they are necessary during those college years. You can then contribute as much or as little as you would like to the 529 Savings Plan so it works for every budget.
I am thirty-three years old and I am happy to say that I am 100% student loan free.
In honor of National 529 Day I encourage you to take the leap today and with $25 start a 529 Plan for your little one. You can sign up here. http://www.myfloridaprepaid.com/what-we-offer/529-savings-plan/
Thank you to Florida Prepaid & Bloggin’ Mamas for sponsoring this post. Although this is a sponsored post, all opinions, reviews and stories mentioned above are genuine and of my own experience and opinion.