For many families, seeing their children realize their college dreams is a life-long goal. Yet with the cost of higher education skyrocketing across the nation and in Florida, for many, college unfortunately may not become a reality. Nearly $250 million was cut from the state’s higher education budget last year, allowing universities to increase tuition by an average of 12 percent. Since state-funding cuts began four years ago, students have felt the financial bind. In 2011, The Project on Student Debt found that 49 percent of 2010 graduates left college with more than just a degree, but with an average debt of $21,000. Now more than ever, it is important for parents to begin saving early for their children’s higher education.

To assist families in helping children reach their highest potential, the Florida Prepaid College Board provides college savings plans to aid in conquering college costs with as little stress as possible. Investing in a Florida Prepaid Plan is a wise and powerful way to invest in your children’s future, as it allows families to lock in today’s prices to prepay tuition and fees for Florida’s 11 universities and 28 colleges. Florida Prepaid Plans are tax-free savings tools financially guaranteed by the State of Florida, which means families do not have to worry about losing their investment. “Florida Prepaid Plans open doors for a brighter future, allowing students to realize their dreams of higher education,” said Board Chairman Duane Ottenstroer.

Establishing a college savings plan early puts time on your side. When children graduate from high school, families will have saved in advance, allowing students to focus on college classes, rather than worrying about financing their education. Parents can now purchase a Florida Prepaid College Plan during the annual enrollment period, from October 15, 2012 until January 31, 2013.

“A Florida Prepaid College Plan is the best gift you can give your children,” says Orlando mom Melanie Garcia. “My parents provided a great education for me, and now it’s my turn to do the same for my children.”

The Florida Prepaid College Board offers four plan options, giving families the flexibility to tailor their college savings strategy to fit their budget and higher education needs. Prepaid Plans to consider include: 2-Year Florida College Plan, 2+2 Florida Plan, 4-Year Florida University Plan, and the recently introduced 4-Year Florida College Plan (developed in response to the evolving Florida College landscape). Families also have a number of payment options such as making fixed monthly payments until the student graduates from high school, paying the plan over five years, or fulfilling a lump sum payment.

When your child is ready for college, the Florida Prepaid College Plan will cover the cost of tuition and most required fees at Florida’s 11 state universities and 28 Florida colleges (formerly community colleges). If the student decides to attend an out-of-state college, a private college, or a technical school, the value of the plan may be transferred to any eligible educational institution. To qualify for a plan, the child or child’s parent/guardian must be a Florida resident. Parents, grandparents, friends, and even businesses can purchase a plan. If the student does not go to college when the time comes, families may transfer the Florida Prepaid College Plan to another qualified family member, or cancel the Plan to receive a refund.

More than 1.5 million Florida Prepaid College Plans have been purchased since its introduction in 1988, making it the largest prepaid college plan in the nation! The Florida Prepaid College Board is committed to helping Floridians save for future higher education expenses by providing a cost-effective, financially sound Prepaid College Plan and other college savings programs. For further details on plan options or to begin a Florida Prepaid College Plan, visit myfloridaprepaid.com or call 1-800-552-GRAD (4723) to receive an Enrollment Kit.