Data now shows that student loan debt is a $1.5 trillion crisis, with an average student in the Class of 2016 owing more than $37,000 and a default rate of more than 10 percent. In light of these harrowing statistics, Florida Chief Financial Officer (CFO) Jimmy Patronis reminds Florida families to plan ahead for college by utilizing the Florida Prepaid College Program and urges the Florida legislature to keep college tuition rates low. The Prepaid College Board met today at their quarterly meeting.
CFO Jimmy Patronis said, “Florida’s public universities and state colleges continue to offer the best education for some of the lowest rates in the country. With student loan debt climbing each year, I encourage Florida families to take advantage of Florida’s Prepaid College Program to help their children become debt-free adults.
“Keeping Florida Prepaid rates low is incumbent on college tuition rates remaining affordable. I’m advocating for the legislature to hold the line on tuition rates so that education can remain an affordable option.
“This year, Floridians will have the opportunity to vote on amendments that would make it harder for our state to raise taxes and fees. We must do everything we can to support measures like these so that Florida families are not saddled with high costs including tuition rates.”
As a member of the Florida Prepaid College Board, CFO Patronis is committed to ensuring the Florida Prepaid Program remains a cost-effective and financially sound tool which allows Floridians to save for future college and university expenses.
More information about the Florida Prepaid College Program can be found at myfloridaprepaid.com.