10 Things About Saving for College Every Florida Family Should Know

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There are 10 things about college and saving for college that every Florida family needs to know. This infographic design is a great visual explainer of how college savings works (it’s easier than you think), and what the state of Florida is doing to help families.

You can click or tap on the visual below to enlarge it, and keep reading below this infographic design too where you’ll fund a written overview on saving for college in Florida.

10 Things for Florida Families to Know About 529 Plans and Saving for College

1. By the end of the decade, 70% of jobs will require college degrees or some form of post-secondary education.

2. $33K is the average debt load per student borrower for the class of 2020.

3. $268K is the projected cost of a 4-year college degree at an in-state school in 2035.

4. A 529 plan offers your family a tax-advantaged way to save for college and other higher education expenses. Funds in a 529 plan can go to technical college or vocational school, college or university, trade school, study abroad programs, K-12 private school tuition, books, computers and school supplies, room and board, and even student loan debt.

5. Florida 529 Plan is the state of Florida’s official college savings plan. Any plan earnings are tax free when they go towards qualifying education expenses.

6. It’s FREE to enroll in Florida 529 Plan. Many states have a minimum contribution requirement of $10 to $50 (or even more) to enroll in a colleges savings plan, but it’s completely free in Florida.

7. Florida’s plan is named one of T. Rowe Price’s Top Ten 529 Plans of 2021.

8. $418,000 is the plan’s maximum contribution limit. Contributions may be made until the balance of all Florida 529 plan(s) for the same one individual reaches $418K. Funds already invested can remain in the plan(s) and continue to gain interest, but no additional funds may be contributed.

9. Over 30,000 Florida families have enrolled in the state’s 529 plan online.

10. $18,648 is how much more you’ll save (or earn) for college by putting your savings for college into a 529 plan instead of a regular savings account at the bank.

You can also find more information in this article on Florida 529 plan basics, or checking out the plan’s official website at MyFloridaPrepaid.com. If you’re ready, you can join 30,000 other Florida families and enroll for free today.

The site also features a great 60-second video on what’s so great about opening a Florida 529 Savings Plan and all the 411’s on 529’s.

Florida 529 plan accounts are eligible to be linked to the free Upromise Rewards program. Across the country, Upromise has helped families save over $1 Billion for college. Join free and earn cash rebates and other free cash rewards to save for college and your child’s 529 plan. Additionally, every month 5 Upromise members win a $529 scholarship.

*This assumes a 6% hypothetical rate of return for 529 plans compounded annually and assumes a 0.05% APY or annual interest rate for a savings account. The information in the infographic chart is for illustrative purposes. Funds invested in a 529 plan may see higher or lower rates of return than illustrated in this example.

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