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Is anyone familiar with this? It sounds too good to be true. Pay a certain amount for either 5 years, or until the year of college, the tuition rates are locked in at TODAYS costs, and are guaranteed by the state regardless of the economy? Am I missing something?
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It's your standard 502 college savings plan, but through the state treasurer instead of an investment firm. One of the smartest things I have ever done in my life was set one of those up for my son as soon as he was born. I pay 60 a month until he is 18 ($12,960 total) and this plan will cover 4 years of university tuition, strictly tuition though.
Read the fine print. And remember that your kids may want to go to a school somewhere else in another state.
Open a 529 plan.
I did a 2yr VA prepaid for both of my kids. I am assuming the FL one is pretty much the same. If they end up going someplace else you get your principle plus any interest back. It is a fantastic plan!
I did a 2yr VA prepaid for both of my kids. I am assuming the FL one is pretty much the same. If they end up going someplace else you get your principle plus any interest back. It is a fantastic plan!
"Assuming" being the optimal word. You may well be right. I only counseled reading the fine print.
What the difference between this 529 prepaid plan through the state of Florida, and one you open through your bank? Something about locking in your rates at today's cost? Also, it does transfer to a number of out of state colleges...Right??
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