Florida Prepaid College Board, CFO Patronis Encourage Families to Factor College into Renewed Savings Goals

As COVID illuminates importance of savings, Florida Prepaid celebrates National College Savings Month with incentive to families

• Families purchased more than 50,000 Prepaid Plans this past spring, locking in the guarantee and certainty of Florida Prepaid College Plans during uncertain times.
• With a Prepaid Plan, families don’t have to worry about the ups and downs of the stock market or college costs - that’s on Florida Prepaid to manage.
• Florida Prepaid is celebrating National College Savings Month by waiving the $50 application fee for Florida Prepaid Plans with promo code DREAMBIG20

TALLAHASSEE, Fla. – As the pandemic spurs many families to reevaluate their finances and save more when possible, the Florida Prepaid College Board and Chief Financial Officer Jimmy Patronis are encouraging Floridians to factor in the importance and value of saving early for college. By saving a little each month early on, families can prepare financially for college in a way that is affordable and guaranteed.

The most recent Open Enrollment period saw families purchase more than 50,000 Prepaid Plans, locking in the guarantee and certainty of stress-free college savings. Floridians are following the national trend of skyrocketing personal savings rates above 30 percent – higher this year than any time since the U.S. Bureau of Economic Analysis started tracking this in the 1960s.

“Recent months have been challenging for families, but we are heartened to see that Floridians are using this time to look at their finances, focus on savings where feasible, and take the long view when it comes to college savings,” said CFO Patronis. “The key to making college savings affordable is to start early and be consistent. As students resume their fall studies across all grade levels this month, we hope more Floridians will start planning for college savings.”

To encourage families, Florida Prepaid is waiving the $50 application fee between September 14 and October 31 in honor of National College Savings Month.

Florida Prepaid allows families an opportunity to start saving for college in a simple, stress-free way. Prepaid Plans allow families to lock in future college costs for less so their child’s college tuition is ready and waiting for them. Families simply pick a Prepaid Plan to fit their budget and savings goals. There are no worries about the ups and downs of the stock market or how much tuition might go up. All Prepaid Plans are guaranteed by the State of Florida so families can never lose their investment.

“As challenging as things are right now, we also want families to look to brighter days ahead -- and that includes a bright future for Florida’s future college graduates,” said Board Chairman John D. Rood. “Prepaid Plans offer secure and affordable college savings options for families.”

With Plans starting at less than $50/month for a 1-Year Florida University Plan for a newborn, there is no better time to start saving. The Board also offers five other Prepaid Plans, including the most popular 4-Year Florida University Plan, as well as the 1-Year University Dormitory Plan. Families can use the online Prepaid Plan pricing tool to determine what the various plans cost based on a child’s age, as well as explore the different payment options available.

To learn more, visit myfloridaprepaid.com today.

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About the Florida Prepaid College Board

The Florida Prepaid College Board manages the Stanley G. Tate Florida Prepaid College Program and the Florida 529 Savings Plan. Both are tax-favored 529 college savings plans authorized by Section 529 of the Internal Revenue Code. In 1987 the Florida Prepaid College Program was created by the Florida Legislature and the commitment and dedication of Mr. Stanley G. Tate to provide Florida families with an affordable means to save for their children’s future college education. The first Florida Prepaid College Plans were sold in 1988, and were augmented with the addition of the Florida 529 Savings Plan in 2002. The Board also oversees two direct-support organizations – The Florida Prepaid College Foundation and Florida ABLE, Inc., d/b/a ABLE United. Florida Prepaid is the largest, longest running and most successful prepaid plan in the nation with more than 2 million Florida Prepaid College Plans purchased and more than $15 billion in assets. The 529 Savings Plan has more than 90,000 active accounts with a market value of more than $750 million.