Florida College Savings Plan

At Rossi & Associates, we reach new heights in client care. You will never be left wondering what is happening with your financial plan. We reach out to our clients regularly to ensure that their questions are answered, and we return calls promptly. We take pride in helping our clients achieve financial security. You will have peace of mind knowing that at Rossi & Associates, we put your needs ahead of our own. Our fiduciary promise is to act in good faith and loyalty to our clients, always putting our clients first. Saving for college is no small task. Contact one of our experienced advisors to get guidance on a college savings plan that will help you reach your goals!

Saving for college creates the expectation that your child or children will go to college and it reinforces achieving good grades because there is the expectation that someday, they will enroll in college. Saving for college opens new doors to a brighter future. College savings provide your family with expanded choices. It gives flexibility when the time comes to choose a school.

Of course, saving for college is less expensive than borrowing. With interest on student loans, you can end up paying twice as much for the funds in the end. Saving for college reduces overall student loan debt. Regardless of when a family decides to begin saving for college, one dollar saved is one dollar less borrowed.

In short, now! There is no time like the present to begin saving for your child’s academic future. You can begin saving for college the moment your child is born, and in some cases, even before. Of all the money you will spend on your child in their lifetime, college is likely to be one of the most expensive things you will have to consider. In an ideal world, you should begin putting away money on a monthly basis the moment your child is born. The more time you give yourself to save, the more likely you’ll be able to pay those hefty bills when your child goes off to college. However, given the incredible cost of college in our day and age, not everyone can pay for the entirety their children’s education. If you’re hoping to make a sizeable dent in the cost, start saving as early as possible.

Many factors should be taken into account when deciding how much to start saving for college. It is important to remember that some of these factors can change over time as well.

• Your Savings Timeline – How long do you have until your child will be ready to attend college?
• Public or Private – Public colleges receive money from their states and private colleges rely on donations and tuition, so private schools tend to have higher tuition rates.
• Special Programs – Whether it is spending a semester abroad or enrolling in summer programs, there are many enriching opportunities that come with hefty costs.
• Advanced Study Programs – Some professions require graduate degrees, which means more funding needed for higher education.
• Living Expenses – Will your child be living on or off campus? Will a car be needed to get to and from class? Will their school be in a city or a rural area? These are all questions to consider, but they can be difficult to answer early on. Which is why these factors can change over time and your projected savings needs may change.

Florida Prepaid – A Florida Prepaid College Plan allows families to lock in college plan prices and prepay, on a monthly or lump-sum basis, the future cost of college tuition, tuition differential fee, local fees, and, optionally, dormitory housing.

Florida 529 – A 529 Savings Plan is an investment account that provides a flexible and tax-free way to save for college and/or k-12 expenses. Investment earnings are not taxed as long as they are used for qualified education expenses including tuition, fees, room, board, books, and supplies.

Investors should consider the investment objectives, risks, charges and expenses associated with municipal fund securities before investing.  This information is found in the issuer's official statement and should be read carefully before investing.

Investors should also consider whether the investor's or beneficiary's home state offers any state tax or other benefits available only from that state's 529 Plan.  Any state-based benefit should be one of many appropriately weighted factors in making an investment decision.  The investor should consult their financial or tax advisor before investing in any state's 529 Plan.

Every dollar saved is a dollar less borrowed. Regardless of when you begin saving for college or how much you save for college, there are many options available to assist in paying for your child’s tuition. Looking into all of the available resources is a smart tactic as well when planning for college. There may be scholarships, grants, loans, and other aid available depending on your unique situation. No matter where you are on your financial journey, start saving now. Saving for college is no small task. Contact one of our experienced advisors to get guidance on a college savings plan that will help you and your children reach your goals!