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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??
I think you should procure the services of a good financial planner. He or she can counsel the best way to save for college.
I did the prepaid plan for both my kids. I'm glad I did.
We did my son in one lump sum with my stock option payment when I left my job to become a sahm.
My daughter we did the 5 year plan, paid the fees part in lump sum and the tuition part over 5 years. She's 6 and done!!!!!
We first opened the 529 plan for her and put in $2k when she was born (2001) stocks weren't doing so well and the plan kept going down in value even when we added more each month! I couldn't stand the stress so I switched over to the prepaid plan. i personally like the idea of knowing it is finished and paid.
of course that fees and tuition plan won't cover everything so we hinted at relatives to purchase savings bonds for birthdays and xmas and just one gift. maybe that will pay books if we're lucky!
It looks like it goes up about $1000 each year, so if you think you want to start, do it fast. Also, florida in state college tuition is one of the lowest in the country right now, but for how long????
We did the Florida prepaid for our son and I have mixed feelings about it. It will NOT cover the full tuition of all Florida schools/universities. We still had to pay around $700.00 each semester in extra tuition charges and fees. If you read carefully, it pays the AVERAGE cost per semester hour. We paid at least $25.00 per semester hour above what was evidently the state average the entire four years. When it came down to it - it paid about 2/3 of the tuition and none of the fees each semester.
So while it helps - don't be surprised when you are still pulling a big chunk out of pocket. Then there's books, room and board, etc. I think there are probably better programs out there which will cover everything. If I had it to do over, I would do that instead.
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