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ORANGE COUNTY, Fla. -- Enrollment started Monday for the Florida prepaid tuition plan, but the price went up $5,000 over last year.
Erica Plazibat still has seventeen years until her son Elliot goes to college, but figuring out how to pay for it is her current concern.
"We do worry about it! Absolutely," Plazibat said.
Plazibat can now sign up for Florida's prepaid tuition plan, which just four years ago would have cost her $16,000 for a 1-year-old, but now will cost her about $45,000. That means a $295 monthly payment for her.
The state says the higher costs should mean fewer surprises down the road.
Here's why. Florida overhauled its four-year comprehensive plan to include fees that past plans didn't, such as mandatory student fees like health and athletic services and the tuition differential fee that all Florida universities charge.
Still, there are other options for parents.
"A 529 savings account allows you to put your money in it and it compounds tax-deferred," financial adviser Tyson Smith explained to WFTV.
A traditional 529, though, is subject to market risk. They aren't guaranteed by the state either.
"Parents ask me all the time, 'Should I do college prepaid or should I do a 529 savings?' And my answer is always, 'Both,'" Smith said.
Plazibat and her husband found that the best plan for their family was to go elsewhere.
"We chose not to go with Florida. We went with another state, because it seemed more secure in their fees and secure in their structure," Plazibat said
Infor provided by http://www.wftv.com/education/25431437/detail.html
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