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Two Summer Incentives Launch to Encourage Families to Explore Flexible 529 Savings Plans

“It pays to start saving early for college,” says Florida Prepaid, the state-backed college savings program.

The longest-running and most successful savings program of its kind is offering exciting incentives this summer. Florida Prepaid will contribute $50 to every new 529 Savings Plan account opened between now and June 30.

Additionally, through a partnership with Florida State Parks, the Exploring Education Sweepstakes allows families to discover Florida’s award-winning state parks via the Junior Ranger Program while entering for a chance to win one of 10 grand prizes. Each grand prize winner will receive a $1,000 Florida 529 Savings Plan Scholarship and a summer-friendly Florida State Parks prize pack that includes an inflatable stand-up paddleboard, a hammock, and more. Florida families can enter until June 30, 2025.

The Florida 529 Savings Plan can be used nationwide for qualified education expenses, including tuition, fees, room, board, books and supplies. Recent tax law changes have made the investment plans even more flexible, with uses allowed for K-12 expenses and even a rollover option into future retirement accounts. Families can build their own investment portfolio using the simple, intermediate or advanced investment strategies, and investment earnings are tax-free.

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“The Florida 529 Savings Plan offers an affordable, flexible way for Floridians to save for a variety of higher education expenses,” said John D. Rood, chairman of the Florida Prepaid College Board. “By contributing $50 into newly opened accounts, we are sending a message of support to Florida families as they make the important decision to save toward a child’s postsecondary education.”

The Florida 529 Savings Plan is a Morningstar medal-winning plan and is available exclusively to Florida residents. The Savings Plan allows families to save what they can when they can, or they can set up automatic monthly payments for as little as $25 per month. There are now more than 165,000 Florida 529 Savings Plans opened with a market value of more than $1.5 billion.

To learn more, visit myfloridaprepaid.com.

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