A 60-second read by Anthony Benante: The Florida Prepaid College Board offers several options for college savings. The two principal programs are the Prepaid College Plan and the 529 Savings Plan. Below is a brief outline of some of the key differences between these plans, as highlighted by the Florida Prepaid College Board. For more information, click here to read more.
Florida Prepaid College Plan
- Overview: You “pre-pay” for future college tuition costs and other fees. There are several plans to choose from (1-year/ 4-year Florida University Plan, 2-year/4-year Florida College Plan, etc.). The cost you pay will be based on what the cost of tuition is projected to be the year your child would enroll in college.
- Enrollment: You can submit your application to enroll your child at any time from birth until junior year of high school. A parent needs to be a resident of Florida for at least 1 year before enrolling. The actual enrollment period runs from October 15th – February 28th each year.
- Payment Options: You can pay monthly, over five years, or a lump sum.
- What the plan covers: Tuition and other fees at a Florida College or State University (The plan can also be applied to other schools nationwide, but you should investigate actual benefits for schools outside the plan).
Continue reading College-Saving Options for Florida Residents
A 30-second read by the Baron Team: For students with divorced parents who live separately, the FAFSA (Free Application for Federal Student Aid) asks that you fill out financial information in regards to the custodial parent. For FAFSA, the custodial parent is the parent who the child has lived with the most over the last twelve months.
Provided that the ex-spouse is the non-custodial parent:
- Many private colleges assume that the non-custodial parent could be a possible source of funding, and therefore require that they fill out a supplemental financial aid document.
- In that case, any financial support the non-custodial parent may give would only affect financial aid provided by the school, not the student’s federal and/or state aid benefits.
For more information, you can go to FinAid.org and StudentAid.gov
If you have any questions, don’t hesitate to contact the Baron Financial Group team.
A 60-second read by the Baron Team: Congratulations 2016 College graduates! Throw that mortarboard as high in the air as you can and before it circles back down to earth, start thinking about saving for your retirement. You are most likely going to be responsible for setting yourself up for a successful retirement, so your best bet is to invest early and often.
Invest in yourself first. Most people think investing is the key to wealth, but while certainly important, you have to have some money first to invest. So as soon as you begin your first job out of school, start saving a minimum of 10% of your annual income for retirement. This will ensure that you invest in yourself first. You should plan on saving this much or more for the rest of your working career.
Continue reading Class of 2016: It Isn’t Too Early to Start Thinking about Your Retirement