My wife and I have 2 sons (3 year old and 7 month old). We have a college 529 set up for both of them. We started each 529 as soon as we got their social security numbers. We have been contemplating opting away from 529 and going with the Florida Pre-Paid since the cost has significantly decreased from 50k to 30k. We will be making our 1st payment towards Florida Pre-paid next month however I'm still wrestling with the idea either continue with 529 plans for Florida Pre-Paid.
I know in the event the kids were to get scholarships, we can request refund from Florida Pre-Paid and can do same thing with 529 however our earnings will be taxed.
Need some help trying to come to a rationalize decision. I like the 529 because those funds can be used for any qualified education expense however Florida Pre-Paid can provide today's cost for tomorrow's education cost.
Thanks in advance.