Update On Florida College Prepaid Plans

Higher education is the key to opening the door of opportunity, and many Hispanic Florida families are unlocking that door through college enrollment. According to the State of Florida, enrollment of Hispanic students in Florida's public universities in fall 2006 increased by 7.3 percent. To help Hispanic families save for their children's future college education, the Florida Prepaid College Board and the Florida State Hispanic Chamber of Commerce have partnered to inform Chamber members about the state-sponsored college savings plans: the Florida Prepaid College Plan and the Florida College Investment Plan."We realize the value of higher education and will continue to support our Hispanic community to progress in the right direction," says Julio Fuentes, President of the Florida State Hispanic Chamber of Commerce. "The most important step is to educate Hispanic families about college savings options, and we are committed to doing so through our partnership with the Florida Prepaid College Board."

"We want to make sure that every family in Florida knows that college can be made affordable and attainable," states Ted Hoepner, Chairman of the Florida Prepaid College Board. "For less than a dollar per day, parents of newborns can open a Florida Prepaid College Plan and send their children to great Florida institutions to help them reach their dreams." With the Florida Prepaid College Plan, families can lock in the cost of college tuition, local fees and dormitory housing today. Once enrolled, the plan payments are fixed and never increase. When the child is ready for college, the plan covers the actual cost at any Florida public college, or the value of the plan may be transferred to most private colleges in Florida, select technical schools and most out-of-state colleges. The Florida Prepaid College Plan is the largest program of its kind in the country with more than 1.1 million contracts sold. The plan is financially guaranteed by the State of Florida,making it a safe way to save. To qualify, the child or the child's parent/guardian must be a Florida resident. Anyone, including parents, grandparents, friends or even businesses, may purchase a plan. Enrollment for the Florida Prepaid College Plan started Monday, October 16, 2006. To lock in this year's plan prices, you must sign up by January 31, 2007.
   
The Florida Prepaid College Board also provides families with a second option to save for college. The Florida College Investment Plan, which offers a range of investment options and flexibility, may be used for any qualified college expense, including tuition, fees, room and board, books, supplies, computers, and equipment required by the college. The Investment Plan may be used at any public or private accredited university, community college or technical school anywhere in the country. Families may enroll in the Investment Plan at any time of year, and they decide how much and how often they want to contribute. There are no Florida residency requirements for the College Investment Plan, providing grandparents with another way to save for college for their out-of-state grandchildren.