Florida Prepaid College Board Free Money Deadline Approaches
JACKSONVILLE, Florida. – Florida families have until August 15 to take advantage of a special incentive to encourage families to open a 529 savings plan account. New accounts will receive $ 50.
There are now over 100,000 active Florida 529 savings plans with a combined savings of $ 1 billion and new account openings are currently up 60% year-over-year, suggesting that families who were able to save money during the pandemic are putting it to good use by starting saving now for their child’s education.
According to spokesperson Shannon Colavecchio, plan 529 has been improved. It is now designed exclusively for Florida residents. New investment options are now available and fees have been reduced by 70%.
“The 529 Savings Plan is an investment plan that can be used nationwide for qualifying education expenses, including tuition, fees, room, board, books and stationery. Investment income is tax free as long as it is used for these expenses, ”said Colavecchio.
The account holder remains in control and chooses when and how to invest. Unlike a prepaid plan, monthly payments are neither mandatory nor fixed. Families save what they can, when they can. Plus, unlike the prepaid plan, a 529 savings plan account doesn’t lock you in now on the cost of education in the future.
According to the Florida Prepaid Savings Calculator, a monthly contribution of $ 25 to the Florida 529 Savings Plan could reach nearly $ 9,000 over the next 18 years.
For more information, visit www.myfloridaprepaid.com/529feeling.
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