Monday, December 19, 2011
Money Monday: Florida Prepaid
All parents worry about the cost of a college education, but you can save big if you plan today. In tonight's Money Monday, 7's Lynn Martinez shows us how.
WSVN -- Kelly King's daughter Caitlyn is only two months old, but her college tuition is already secure.
Kelly Carrasco-King: "The earlier, the better to start saving for their tuition."
Caitlyn and big sister Mia have Florida Prepaid College plans, which locks in their future education at today's prices.
Kelly Carrasco-King: "I think it's a great idea and I always thought about it cause when my parents opened it for us, it helped us a lot when we were in the university. I always knew that when we had kids we were going to do it."
And you can save a lot of money right now. Tuition for a four year university degree is about $22,000, but with yearly increases that cost skyrockets.
Ivette Faulkner: "18 years from now when a new born is getting ready to enter the university, a four year university degree is going to be about $120,000."
That's why many parents are thinking ahead. There are four choices in the program: You can pay for a traditional four year degree at Florida's 11 state universities. For less money, you can opt for two or four year plans at Florida's 28 community colleges and finally consider combining both options with the two plus two plan.
Ivette Faulkner: "The two and two program allows for students to start off at a community college, earn their AA and then they can transfer over to a four year university and finish their bachelor's degree."
But if you're interested you must act quickly.
Ivette Faulkner: "Right now it's open enrollment for Florida Prepaid, and families have until January 31, 2012 to sign up and lock in today's plan prices."
Parents can pay in a lump sum or choose to make monthly payments, and with paying for their education taken care of parents can instead dream about their child's future.
Kelly Carrasco-King: "They don't have to be a doctor or a lawyer I mean, it would be nice but whatever they want to do is perfectly fine with my husband and myself. We just want the best for them"
LYNN MARTINEZ: Florida Prepaid Plans can also be used if a student goes to a private or out of state school, although parents have to pay the difference in tuition costs."
If you would like to know more about the Florida Prepaid College program or if you have story ideas for Money Monday, email us at firstname.lastname@example.org
FOR MORE INFORMATION:
Florida Prepaid College Program