Tallahassee, Fla. – After the first two months of open enrollment, the Florida Prepaid College Plan, the largest plan of its kind with more than 1 million contracts sold to date, remains a popular choice with Florida residents. Since open enrollment began on October 17, 2005, the Florida Prepaid College Plan has sold more than 29,500 contracts, indicating that the program remains financially strong and continues to be a sound and viable savings option for Florida families.
The Prepaid College Plan, which is managed by the Florida Prepaid College Board, continues to grow its assets while securing its actuarial reserve. As of June 30, 2005, Florida Prepaid had total assets of $6.5 billion, an 18.6 percent increase from the previous year. Additionally, the plan’s actuarial reserve of $530 million is 31.2 percent greater than the previous year.
“Through a strong business model, sound investment strategy and counsel from some of the brightest financial minds in the state, the Florida Prepaid College Plan remains financially strong in an era of market highs and lows,” states Ted Hoepner, Chairman of the Florida Prepaid College Board. “Our Board continues to watchdog our members’ investment to ensure that their money is doing what it was intended to do – bring hope, a college education and a bright future to a Florida child.”
After the first two months of open enrollment, the more than 29,500 new Florida Prepaid tuition, local fee and dormitory plans reflect a 39 percent increase over the same period last year. Signaling continued interest in the program, more than 180,000 visitors have either accessed the program’s Web site or called the toll-free line for information.
“The Florida Prepaid College Plan is one of the best buys in the country,” says Chairman Hoepner. “By making college accessible and affordable for every Florida family, our state’s economy, businesses and communities will flourish once the 750,000 children in the program graduate college and begin their professional careers.”
The Florida Prepaid College Plan is financially guaranteed by the State of Florida, so it is a safe way to save. This year, tuition plan prices start as low as $24 a month for the two-year community college plan and $79 a month for the four-year university plan. The prices vary based on the type of plan and the age of the child. Once enrolled, the plan payments are fixed and never increase.
When the child is ready for college, the program covers the actual cost at any Florida public university or community 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. To qualify, the child or the child’s parent/guardian must be a Florida resident. Anyone, including parents, grandparents, friends or even businesses, can purchase a plan.
For the second consecutive year, families can sign up online at www.florida529plans.com. Of the more than 29,500 new accounts, 75 percent were opened online through the program’s Web site.
Enrollment for the Florida Prepaid College Plan started October 17 and runs through January 31, 2006. The Florida Prepaid College Plan is the largest program of its kind in the country, with more than 1 million plans sold. For enrollment information, call 1-800-552-GRAD (4723) or visit www.florida529plans.com.