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Florida Prepaid College Plan Deadline Is Nearing

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(AP)

(AP)

I-Team

MIAMI (CBSMiami) — If you’re one of the thousands of parents who want to buy a Florida Prepaid College plan before the prices go up again, you only have until Tuesday to enroll and lock in this year’s prices.

The program doesn’t open again until October when next year’s plans are released.

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.

The two-year state college plan is the least expensive plan. It comes out to about $50 a month.

You can also buy two years of tuition at a community college or join the 2+2 plan that covers two years at a community college followed by two at a state university.

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.

If you bought a university plan between February 2007 and January 2010, you may also want to consider adding a “tuition differential” plan to cover the extra tuition that universities can charge above the state rate. It was sold as an optional plan during that time period, and most people didn’t buy it. But without it, you may be covered for less than half the costs of tuition and fees. The plan costs about $21,000.

To buy a new or add-on plan, go to www.myfloridaprepaid.com.

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