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Prepaid Plan Prices Skyrocket

October 20th, 2009 by flanews

The price of a Florida Prepaid College Plan is skyrocketing to keep up with tuition increases. The base tuition plan is going up 10 percent or about 15-hundred dollars, but that doesnt cover differential tuition put in place by the legislature two years ago. As Whitney Ray tell us, the differential tuition plan is going up 300 percent to nearly 20-thousand dollars.

Jennifer Meale bought a Florida prepaid College Plan for her daughter Ivey three years ago, and its already proven to be a smart investment. The price of some of the plans has increased 300 percent.

When I saw that increase I was shocked and I think I was totally grateful we were locked into the tuition rate, said Meale.

The price of a plan covering the base tuition rose 10 percent, but now state schools can raise a differential tuition up to 15 percent every year. A separate plan to cover those increases is up from 46 hundred dollars to nearly 20 thousand. And if you dont like those prices, then theres more bad news, theyre only going to get higher.

Susan James, a spokeswoman for the Florida Prepaid Board, says the plans will still pay off in the long run.

Price of higher education is rising faster than inflation. So if you look at that every year this is a great savings vehicle for Florida families to put some money away for their childs education, said James.

Parents who buy a plan for their newborns today, are expected to save 12-thousand dollars by their time their kids graduates from college. Open enrollment for Florida Prepaid College Plans began Monday and lasts until January 31st, 2010. For more information on about the plans go to http://www.myfloridaprepaid.com/

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