NEW PORT RICHEY, Fla. — Matthew Abbott started saving for his children’s college education early.
“When a child is born, it’s time to go and invest in them. And within a few weeks after my first son was born, that was the first investment I made in the program,” he said.
WATCH: Florida Prepaid opens enrollment with new options as families plan for rising college costs
Those investments continued for years. Abbott said he utilized Florida’s Prepaid College Program for all four of his now-adult children and is now doing the same for his granddaughter.
Matthew says his kids definitely appreciate what he did for them.
“They didn’t realize until later in life what a good benefit that was there and take the pressure off. Not having college loans, which was a thing most of us used to have.”
Florida’s prepaid college program has opened its enrollment period with a series of changes officials say are designed to help families plan ahead.
The updates include a redesigned website that guides families through a personalized savings plan. There are flexible prepaid plan options, including the ability to purchase one year at a time, with monthly payment plans starting at $29.
The plans allow Florida residents to lock in future tuition costs at today’s prices and are guaranteed by the state.
“You skip that case of soda sugar water and put that $35 or $45 into their education, and boy does that pay off in the long run. I really don’t know of a better investment vehicle because the Florida legislature supported it then, and they continue to support it now,” Abbott said.
Financial planners also recommend considering other savings options, such as 529 accounts, Roth IRAs and taxable investment or custodial accounts.
But Matthew says prepaid was best for his family, and, as far as advice for other parents, he says start as early as you can.
“Put it on your calendar and get started. Don’t wait.”
Go to myfloridaprepaid.com to learn more.
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