I have question sir. I have a 4year university prepaid plan. If I go to a school in Florida does the plan then cover 100% of my tuition since I have bought the credit hours themself. I understand out of state they only give you the average Florida school price. But let’s say if I go to a very expensive art school in Florida, does the plan cover 100% of the tuition there? Cause I thought on their website it say Florida will pay and back the difference if the tuition is higher than expected
We have used two of four plans purchased, in my opinion, the Florida Plan , is worth every penny that we paid. My children have no debt and don't need the government to bail them out! The two that have used their programs were able to take the rest of the money that they saved, and used it to buy homes at age 21.
A really confusing presentation. The plan you describe only covers tuition, not room and board as you said. While the total amount put in is correct, I have no idea where you get the $23881 figure for value. I think you are incorrect about the value you can take out of state. My understanding is it is the current value of your plan when you want to use it, so if tuition cost $68406 when statring college in FL, you could move that $68406 to an out of state school. While it is true that most schools cost more than FL, they will cost more no matter how one funds college costs. The lump sum payment for 4 years of university now in Close to 30K in Florida by next enrollment period. That is very close to the current price for 4 years now. So one is paying an extra 10K or so by paying over 18 years. $30K "loan" for 211 months at 191.76 comes to 3.6% annual interest. You are getting the 4 year plan for this no matter what inflation does. In effect, you are paying 3.6% to lock in todays rate. In addition, there is an insurance componant since the Fl is bearing some of the risk.
Late response, but to anyone else reading this...I am correct on the amount you can take out of state....$23,881 was the average cost at the time of this video and the amount that the Florida Prepaid plan would transfer/pay to an out-of-state school. The numbers do inflate over time but the example I used was today's benefits vs today's costs. Comparing today's average ($23,881) vs today's out-of-state cost or inflating both costs would be the same thing.
529 plans are the worst. Yes there is options to take $20,000 buy an investment property with a mortgage and rent it for 18 years and get a better return but for payment structure and at least giving the child a college plan vs not its a solid choice. If the child chooses to go to Out of state then great student loans ….
Please answer this. I bought the 4 year college plan 18 years ago with a one time payment of around $12,000...paid in full. My son wants to go into the military before going to college. Do we need to notify the people at the College prepayment program of this delay in enrollment to college??? Please reply.
Does the 529 savings offer withdrawals for K-12 as well? If not, which plan do you recommend for that? Ohio? And you said someone can have more than 1, 529 plan?
I have one prepaid college plan for my daughter , and I want it to open one for my son, do you think a college savings plan would be a better options for him. He is 10 years old?
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Just wondering how are they able to pay 4 years of college tuition with just one payment of $23000 can you explain please thank you
time value of money.
I have question sir. I have a 4year university prepaid plan. If I go to a school in Florida does the plan then cover 100% of my tuition since I have bought the credit hours themself. I understand out of state they only give you the average Florida school price. But let’s say if I go to a very expensive art school in Florida, does the plan cover 100% of the tuition there? Cause I thought on their website it say Florida will pay and back the difference if the tuition is higher than expected
We have used two of four plans purchased, in my opinion, the Florida Plan , is worth every penny that we paid. My children have no debt and don't need the government to bail them out! The two that have used their programs were able to take the rest of the money that they saved, and used it to buy homes at age 21.
Thanks for sharing.
I’m so lost now! My daughter is 4 so I’m trying to save now for her college
How is the college savings going?
Thanks Travis - it really helped! 👍
Thanks, if you have other questions let me know.
A really confusing presentation. The plan you describe only covers tuition, not room and board as you said. While the total amount put in is correct, I have no idea where you get the $23881 figure for value. I think you are incorrect about the value you can take out of state. My understanding is it is the current value of your plan when you want to use it, so if tuition cost $68406 when statring college in FL, you could move that $68406 to an out of state school. While it is true that most schools cost more than FL, they will cost more no matter how one funds college costs. The lump sum payment for 4 years of university now in Close to 30K in Florida by next enrollment period. That is very close to the current price for 4 years now. So one is paying an extra 10K or so by paying over 18 years. $30K "loan" for 211 months at 191.76 comes to 3.6% annual interest. You are getting the 4 year plan for this no matter what inflation does. In effect, you are paying 3.6% to lock in todays rate. In addition, there is an insurance componant since the Fl is bearing some of the risk.
Late response, but to anyone else reading this...I am correct on the amount you can take out of state....$23,881 was the average cost at the time of this video and the amount that the Florida Prepaid plan would transfer/pay to an out-of-state school. The numbers do inflate over time but the example I used was today's benefits vs today's costs. Comparing today's average ($23,881) vs today's out-of-state cost or inflating both costs would be the same thing.
529 plans are the worst. Yes there is options to take $20,000 buy an investment property with a mortgage and rent it for 18 years and get a better return but for payment structure and at least giving the child a college plan vs not its a solid choice. If the child chooses to go to Out of state then great student loans ….
What are your thoughts on the payment lengths?
Can you tell me a bit more on the question?
Confusing, where did the 23 k came from, he said 40k
It’s been a while since I made this video but the $23k was the average Florida school that would be covered if not used for a Florida school.
Where did 23,881 come from?
Average college cost in Florida.
Please answer this. I bought the 4 year college plan 18 years ago with a one time payment of around $12,000...paid in full. My son wants to go into the military before going to college. Do we need to notify the people at the College prepayment program of this delay in enrollment to college??? Please reply.
He could get a degree and then enter as an officer, does his recruiter not relay this information to him?
Does the 529 savings offer withdrawals for K-12 as well? If not, which plan do you recommend for that? Ohio? And you said someone can have more than 1, 529 plan?
yes, 10k per year in k-12 expenses.
that's usually not the greatest benefit though, especially if you're in florida since we have no state income taxes.
I have one prepaid college plan for my daughter , and I want it to open one for my son, do you think a college savings plan would be a better options for him. He is 10 years old?
Thank you I will look for the options,
Inflation isn’t 4%
Schools inflate more than regular inflation.
Very helpful. Thank you.
Thanks for watching!