The government, through the Internal Revenue Code sets down a college planning proposal for individual families, in Section 529 of the code, and people affectionately refer to it as the 529 education plan. Each state is free to implement the 529 plan in any way it believes in. 529 Florida plans for example, allows parents to freeze prices on their child’s future tuitions by using the plan to pre-pay college tuitions for the future at today’s rates.
Investing in Plan 529 Florida style could mean something like this: if you have a child now in the eighth grade, you can put down about $35,000 today to buy a quadrennial graduate program at the University of Florida for your child when he or she grows up.
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