One-armed bandit helps pay college tuition

Published April 12, 2007

Go ahead and gamble, it's for a better education.

Florida students already have the lottery to pay for their public education. Now college-bound students will get a boost from the taxes on slot machine revenue.

The Senate on Wednesday passed a bill by Sen. Stephen Wise to create an endowment for the popular Florida Prepaid Scholarship Program, which would get the slot machine taxes and use the endowment to help financially needy students. The 20-year-old Prepaid program allows families, years in advance, to buy contracts that cover locked-in rates for public university tuition, room and board, and student fees.

"This will generate revenue forever," said Wise. "This is a great, great bill."