[beachmouse]

In terms of Bright Futures, the best thing (though not necessarily the politically viable thing) would be to say that everyone who qualifies academically gets a modest base grant (say like $3,000 per year) and then students might qualify for additional funding based on financial need.

[RMD3819]

Originally Posted by crystalblue

Because of its success, future of Bright Futures may be dimmed - St. Petersburg Times

bright futures may be going away...

This is about Bright Futures scholarships, not Florida Prepaid.

[MovedfromFL]

Keep an eye on the FL prepaid program. Back in March, Lawmakers started talking about "borrowing" from the prorgam's $8 billion in fund money to use for other programs in the cash-strapped state. Keep in mind that it is NOT your money. It belongs to the state and they can simpy say "Sorry, we will be unable to pay out." That seemed hardly possible before the economic crisis, but now all bets are off.

Crist and Sink oppose raiding Prepaid Plan | HeraldTribune.com | Sarasota Florida | Southwest Florida's Information Leader

If I move back to FL in a few years, I would love to enroll my two young children in the program, but I would keep a close eye on these wacko proposals before deciding.

FL is determined not to let anyone have a "bright future" it seems. And then they will whine that they can't attract any good businesses to the state!

[crystalblue]

Originally Posted by RMD3819

This is about Bright Futures scholarships, not Florida Prepaid.

Im hearing that might be underfunded as well.

[chicy724]

Originally Posted by beachmouse

In terms of Bright Futures, the best thing (though not necessarily the politically viable thing) would be to say that everyone who qualifies academically gets a modest base grant (say like $3,000 per year) and then students might qualify for additional funding based on financial need.

At least if they "can't" fund the program anymore;
"§Financially guaranteed by the State of Florida, pursuant to Sections 1009.98 (7) and (8), Florida Statutes, stating "the state shall agree to meet the obligations of the board to qualified beneficiaries if monies in the fund fail to offset the obligations of the board. The Legislature shall appropriate to the Florida Prepaid College Trust Fund the amount necessary to meet the obligations of the board to qualified beneficiaries. In the event the state determines the prepaid program to be financially infeasible, the state may discontinue the program. Any qualified beneficiary who has been accepted by and is enrolled or is within 5 years of enrollment in an eligible independent college or university or state postsecondary institution shall be entitled to exercise the complete benefits for which he or she has contracted. All other contract holders shall receive a refund of the amount paid, and an additional amount in the nature of interest at a rate that corresponds, at a minimum, to the prevailing interest rates of savings accounts provided by banks and savings and loan associations." (myfloridaprepaid.com)

You'll get the funding if you are within 5 yrs of enrollment or if they are enrolled and all others will receive a refund of monies paid in, plus applicable interest based on rates of savings accts...

This is interesting. I wish New Hampshire did something like this. I wouldn't have so much debt.. and I will be incurring more to finish my degree next year. Sheesh.

-relocating to Forth Walton Beach, FL on May 27th

[xinerevelle]

We bought the four year tuition plan for our 2 1/2 year old. It was $11,700 in Jan 2007. Since then, colleges can now charge a "local fee option" which can be expensive. My daughter is exempt from this fee because we bought in 2007. My son (3 months old) will not be exempt from this, so we'll have to cough up some additional dough for his plan next Jan. This year's price would've been around $15,500 for tuition and local fee, so I'm expecting next year's to be $16,500 to $17,000.

[RiWrites]

I know a lot of parents that are doing this for their kids. None of them have encountered any problems.

I wish they had this when I was born.

[MovedfromFL]

Originally Posted by chicy724

At least if they "can't" fund the program anymore;
"§Financially guaranteed by the State of Florida, pursuant to Sections 1009.98 (7) and (8), Florida Statutes, stating "the state shall agree to meet the obligations of the board to qualified beneficiaries if monies in the fund fail to offset the obligations of the board. The Legislature shall appropriate to the Florida Prepaid College Trust Fund the amount necessary to meet the obligations of the board to qualified beneficiaries. In the event the state determines the prepaid program to be financially infeasible, the state may discontinue the program. Any qualified beneficiary who has been accepted by and is enrolled or is within 5 years of enrollment in an eligible independent college or university or state postsecondary institution shall be entitled to exercise the complete benefits for which he or she has contracted. All other contract holders shall receive a refund of the amount paid, and an additional amount in the nature of interest at a rate that corresponds, at a minimum, to the prevailing interest rates of savings accounts provided by banks and savings and loan associations." (myfloridaprepaid.com)

You'll get the funding if you are within 5 yrs of enrollment or if they are enrolled and all others will receive a refund of monies paid in, plus applicable interest based on rates of savings accts...

This is interesting. I wish New Hampshire did something like this. I wouldn't have so much debt.. and I will be incurring more to finish my degree next year. Sheesh.

-relocating to Forth Walton Beach, FL on May 27th

If the pre-paid plan is cancelled, the state promises to refund everyone's money. Sure... After they "borrow" funds from the program to use for other things. You know that money will never be paid back. Plus the fund has lost money in this down market. How will they cough up the cash?

Just the fact that the brilliant lawmakers in FL even considered taking money from the pre-paid fund is enough to make me sit up and take notice. What the heck are they thinking?

Just something to keep your eye on down in FL. If that proposal comes back to light, lawmakers need to hear a vocal protest from voters right away. FL's finances are on shaky ground for sure.

[dmccauley]

Originally Posted by MovedfromFL

If the pre-paid plan is cancelled, the state promises to refund everyone's money. Sure... After they "borrow" funds from the program to use for other things. You know that money will never be paid back. Plus the fund has lost money in this down market. How will they cough up the cash?

Just the fact that the brilliant lawmakers in FL even considered taking money from the pre-paid fund is enough to make me sit up and take notice. What the heck are they thinking?

Just something to keep your eye on down in FL. If that proposal comes back to light, lawmakers need to hear a vocal protest from voters right away. FL's finances are on shaky ground for sure.

But isn't it true that alot of states borrow from the employee pension funds? I use to live in NJ and I know the Public Employee fund had lots of money so of course the state borrowed however it didn't stop anyone from receiving their pension nor did it go broke. I would hope this is the same situation for the prepaid college fund.