Florida Prepaid removes 529 contribution restrictions
The Florida Prepaid College Board has just made it a little easier to invest for future higher education needs.
It has removed the minimum contribution level for a Florida 529 Savings Plan. Beginning in May, a family member can open a 529 account at any amount, and without application fees.
Families can contribute to a 529 account and use the initial amount plus accumulated growth tax-free on higher education expenses.
The board also is sponsoring a scholarship program along with the new rules, to bring attention to 529 accounts. Ten families can win $529 to be deposited into their Florida 529. Enter here.
"We look forward to awarding these scholarships, helping 10 Florida families get a strong start in the very important journey of saving for college," Foundation Board chairman Duane Ottenstroer said in a release. "Setting aside even a small amount each month in a Florida 529 Savings account can help students reduce or avoid student loan debt."