MIAMI (CBSMiami) – Anyone who wants to buy a Florida Prepaid College plan can make the purchase starting Monday, October 17th but be prepared to dig deep into your bank account to prepay for your little one’s educational future. The cost of paying for college at Florida public universities has been on the rise recently and that includes the cost of prepaying for college.
This year, the cost of a prepaid tuition plan for four years’ university tuition and fees costs more than $49,000 for a newborn, which is up $4,000 from last year.
The plan used to cost about the same as the current four year price tag for a state university degree but it has more than tripled in the past five years because of legislation passed in recent years that allowed universities to make big increases in tuition.
If you’re waiting to sign up, you’ll just end up paying more. Tuition is expected to increase 15 percent a year for the next ten years.
There are other less expensive prepaid plans. You can buy two or four years of tuition at a state college, formerly known as community colleges, or join the 2+2 plan that covers two years at a state college followed by two years at a state university.
The two-year state college plan is the least expensive plan. It comes out to about $50 a month.
There is also a dormitory plan and supplemental fee plans for those who bought plans before October 2010.
All costs vary depending on the age of the child whether you pay a lump sum, monthly over a five year period or monthly until the child goes to college.
For more information or to enroll, go to www.myfloridaprepaid.com or call 1-800-552-4723.