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Parents in Florida who had signed up for prepaid plans to save for college will get some extra time before starting monthly payments.
The Florida Prepaid College Board announced today that it is deferring payments until July to help families through the economic and global health crisis caused by the novel coronavirus, according to a news release.
Prepaid plans let parents start saving for a child's college education while also locking in future costs. Plans start at $44 per month for newborns, which is the lowest minimum amount in five years.
New customers who buy a plan during what's left of the open enrollment period will have the $50 application fee waived. Their payments won't start until July.
Current customers will have their April, May and June payments deferred, unless they choose to continue payments. Payment schedules will be extended by three months.
“As uncertain as these times are, we encourage Florida families to take comfort in knowing that Prepaid College Plans offer certainty and security for your college savings,” Kevin Thompson, executive director of Florida Prepaid, said in the news release. “All Prepaid College Plans are guaranteed by the State of Florida, ensuring families can never lose their investment.”
