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Seminole Boosters partner with Florida Prepaid College Foundation to purchase plans for student athletes
In a move that could save its organization nearly $2.5 million in future college costs, the Seminole Boosters have purchased 25 prepaid tuition plans for the next 14 years at a cost of close to $3.7 million from the Florida Prepaid College Foundation. The purchase is the first of its kind by a major Florida university booster organization.
With its expenditures on student-athlete scholarships leaping from $1 million in 1979 to $7 million this year to an estimated $10 million in 2009, the Boosters intend to manage costs and flatten the tuition cost curve by partnering with the Florida Prepaid College Foundation, which has helped thousands of Florida's students achieve a higher education.
"The primary focus of Seminole Boosters is to raise money to pay the cost of scholarships and we owe it to our donors, university leaders and students to think outside the box to secure and manage our expenses," said Bob Fohl, past chairman of Seminole Boosters. "Using prepaid plans is a smart move because it locks in our rates, is guaranteed by the State and generates cost savings for us each year.
"Purchasing 25 prepaid plans a year is a good start, but our goal is to fund all 240 scholarships, so we need Seminole fans to support this program by making donations to purchase prepaid plans. We thank the Florida Prepaid College Foundation and our Inner Council for making this happen."
The scholarships, which are all tuition based, will be distributed to in-state student-athletes through 2018. The Florida Prepaid College Foundation will administer the scholarships.
"We're excited about this initiative because it demonstrates a creative way to use Florida Prepaid scholarships now and in the future," said Ted Hoepner, incoming president of the Florida Prepaid College Foundation and chairman of the Florida Prepaid College Board. "Through this partnership, the Boosters will lock in today's college rates and secure an education for student-athletes for years to come."
As the fundraising arm of Florida State University, the Seminole Boosters, Inc. is charged with generating current and deferred contributions for the purpose of funding scholarships for the Florida State University Athletic Program and providing financial security, which contributes to the program's long-term growth and prosperity.
For information on Seminole Boosters, or to make a contribution towards funding academic opportunities for Florida State University's student athletes, call (850) 644-3484 or visit the website at www.seminole-boosters.com.
The Florida Prepaid College Foundation is the charitable direct support organization for the Florida Prepaid College Board, which manages the Florida Prepaid College Plan and the Florida College Investment Plan. The Foundation also provides college scholarships to low-income children and other Florida children in need. Foundation scholarships are funded by an annual appropriation from the Florida Legislature and by tax-deductible contributions from businesses, community groups and individuals who share the Foundation's commitment to Florida's children and their future.
Enrollment for the Florida Prepaid College Plan started October 17, 2005 and runs through January 31, 2006. The Florida Prepaid College Plan is the largest program of its kind in the country, with more than one million plans sold. For enrollment information, call 1-800-552-GRAD (4723) or visit www.florida529plans.com.
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