News
June 24, 2010
Investing in Your Child's College Education
Now more than ever parents should be actively saving for their children's college education. If you were counting on the Florida Bright Futures Scholarship Program for assistance, recent budget cuts may limit potential aid. At the start of the year, legislators passed a bill that cut the Bright Futures program by approximately 60 million dollars, and parents should take notice of the changes:
2007-2008 AWARDS : (for a four-year college institution)
- Florida Academic Scholar: 100 percent paid tuition, coverage of mandatory lab fees up to $300 and $600 annually for college-related expenses
- Florida Medallion Scholar: 75 percent paid tuition and coverage of mandatory lab fees up to $300
2009-2010 AWARDS : (for a four-year college institution)
- Florida Academic Scholar: $126.00 per credit hour
- Florida Medallion Scholar: $95.00 per credit hour
- Academic Top Scholar: $54.00 per credit hour
For the 2010/2011 academic school year the cost of one credit hour at the University of Florida is $167.33.
In addition to the monetary changes, high school students graduating in 2012 will be required to have even higher standardized test scores to receive Bright Futures scholarships. Funding per credit hour has changed for 2010 graduates and funding per number of years will affect graduates of the class of 2011. So what does this mean for you? The more you can save now, the more secure you will be during what is considered a parent's most financially taxing time. Many programs are available to help families better prepare for college, like Florida Prepaid. For more information about the Florida Prepaid program, click here. Visit the Florida Bright Futures website to learn more about the program and the application process.
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