More than just the sun in Florida

[Blueface]

Just signed up for a very long term tab of $134 for the next 15 years and 6 months.

That translates to $24,924 or a new car.

However, that covers a 4 year state college, to include Florida State University or University of Florida, or any other that my grandson may want to attend. I think in 15 years, that will seem like one heck of a sweet deal that will rival the purchase of Manhattan.

Not sure how many other states offer this but it is something I did with both my children and promised I would also do for my grandson before he was even born. I feel I have just guaranteed him the greatest gift I could ever give him as a grandfather, aside from tons of love. If your state also has it, we are lucky indeed.

[McSmokey]

Truly the greatest gift one can give

[newcigarz]

Good on you Carlos.

[G G]

[pnoon]

I'm curious, Carlos.

What if your son/grandson move out of state before he attends college? Does that program cover his education whether he is an in-state or out-of-state student?

[Vigiles]

very very cool!

[Blueface]

Originally Posted by pnoon

I'm curious, Carlos.

What if your son/grandson move out of state before he attends college? Does that program cover his education whether he is an in-state or out-of-state student?

Peter,
There lies part of the hitch for the great price.
If he decides to go out of state, I get the money I put in to use towards that school but does not guarantee the price I am paying today.

This benefit solely works if he elects to go to a state school. It allows you to buy the education at today's price and freeze it. That is the cost of an education today for a Florida resident that attends a state school. What I have done is basically guarantee him a state college education. If he elects something different, I hope he knows how to fill out a student loan application by the time he is 18.

Just have to cross my fingers that he attends one or otherwise, he is SOL.

[pnoon]

Originally Posted by Blueface

Peter,
There lies part of the hitch for the great price.
If he decides to go out of state, I get the money I put in to use towards that school but does not guarantee the price I am paying today.

This benefit solely works if he elects to go to a state school. It allows you to buy the education at today's price and freeze it. That is the cost of an education today for a Florida resident that attends a state school. What I have done is basically guarantee him a state college education. If he elects something different, I hope he knows how to fill out a student loan application by the time he is 18.

Just have to cross my fingers that he attends one or otherwise, he is SOL.

Sorry for the confusion, Carlos.

What I meant is if he moves to, say, Georgia but still wants to attend Florida State, is the cost still locked in? Or would you have to pay the difference?

[Blueface]

Originally Posted by pnoon

Sorry for the confusion, Carlos.

What I meant is if he moves to, say, Georgia but still wants to attend Florida State, is the cost still locked in? Or would you have to pay the difference?

Oh...
He would still qualify due to me being the "owner" of the plan.
However, you have made me consider looking at the details to make sure nothing has changed since I bought the ones for my kids nearly 14 years ago.

[jdakine]

Very cool

[E.J.]

That is really neat.... Good on you and I cannot think of a better gift you could give your grandson.

[floydpink]

I put my daughter on the Florida prepaid plan shortly after she turned 3.

I have about $115 taken out monthly from my checking account and it covers tuition as well as books and dorm if I am not mistaken.

The earlier the age, the cheaper the price.

I'll be in my 60's when she's ready to go and don't want to worry about tuition at that point. I figure I'll have other stuff to worry about like guys in NBA jerseys and "pants on the floor looking like a fool" knocking on my door asking to take her out. For that, I invested in a shotgun and a shovel.

It's a great program, but I was recently reading it is due to almost triple in cost, which obviously won't affect you if you are already in the plan. What it WILL do, is considerably reduce the number of people who can afford to do it as $400 a month starts to become something you notice going out of your checking account.

I looked it over VERY carefully and figured I'd find something that made it too good to be true, but it is actually fool proof, as you mentioned with the refund if unused, etc.

The only chance of you losing your money is if Florida becomes insolvent, which will happen to California much quicker.

In any event, I salute you for this most excellent plan for tommorow's leaders.

[Salvelinus]

That is just plain awesome. Wish VT had that, maybe I wouldn't have the loans I do now.

[Smokin Gator]

Great job brother. You will never regret it.

I bought the Florida prepaid for both of my kids when they were like one or two. It has been a huge help. My daughter has gotten the Bright Futures scholarship, but the program still pays so it helps with here living expenses.

My son is going to college out of state but the college he goes to accepts the program (as do many). Florida applies what they would have paid if he was going in-state and sends it directly to the college.

[Neuromancer]

[jledou]

Wow with rising tuition cost it may be the steal of the century in 15 years. Kansas unfortunately only has a tax shelter savings plan that doesn't lock in cost and can only be used in state so I am doomed to pay big in another 14 years.

[SeanGAR]

Brilliant move ... tuition is going up double digits per year at every university that I have looked at.