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Florida Prepaid College Board Calms Worried Investors

October 20th, 2008 by flanews

Open enrollment for Floridas Prepaid College plan began today. The plan allows parents to lock prices of tuition at the current rate, but as Whitney Ray tells us, people invested in the plan are worried about the funds stability.

Hear it Here: Florida Prepaid College Board Calms Worried Investors

Jenn Meale was thinking about her daughters college education long before she gave birth.

We tried to sign her up before she was even born and they told us we had to at least have a social security card. So once we got that social security card we signed her up right away, said Jenn.

Jenn invests about a hundred dollars a month in the Floridas Prepaid College Plan. The plan allows parents to lock in the price of tuition.

Parents who bought into the plan 18 years ago will save 8,000 dollars by the time their kids graduate.

In June, the fund was worth 700 million dollars, then, last month, the stock market took a huge plunge. State investors say the recent woes on Wall Street havent had much of an impact on the fund.

Our investment strategy is very conservative; we only invest in fixed income securities, so again no significant losses. Were safe, said Kimberly Sirmons, a spokeswoman for the fund.

Plus money paid into the plan is guaranteed by the state. Jenn said the states promise has helped her rest easier.

We are concerned about the economic down turn, but were not hanging on every Dow Jones report, stocks going up and down. We feel like its a good investment. Well ride it out and see how she does when she turns 18, said Jenn.

Jenn hopes the fund will allow her daughter to choose a college based on what it can offer academically not on affordability. Open enrollment lasts through January. To sign up go to www.myfloridaprepaid.com or call 1-800-522-GRAD.

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