In Florida, families could have to make an additional payment if the projected year for the younger child's first year of college is more than three years from the date the older child would have gone to college, says Christa Hudson, spokeswoman for the Florida Prepaid Plan.
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4. How easy is it to give some credits to each child? The easiest way is to give children whole contracts, experts say. For instance, parents may have separate contracts that cover a specific number of credits or semesters.
If parents purchased eight semester contracts or four yearlong contracts, they can just divide these by two and distribute them equally to each child. Dividing one contract among more than one child can get more complicated. Either way, the plan the parents are participating in should be consulted for exact rules.
Trying to fund your education? Get tips and more in the U.S. News Paying for College center.