Florida Prepaid lowering cost of college plans
The Florida Prepaid College Board has lowered plan prices by $1.3 billion, benefiting 224,000 families and resulting in refunds of more than $500 million.
The price reductions apply to plans purchased since 2008, according to a press release from the Florida Prepaid College Board, which said Monday it was lowering plan prices.
The plans now start at $44 per month for a newborn, the lowest cost in five years, according to the release.
“Our goal has always been to empower and support Florida families by making college savings simple and affordable,” said John D. Rood, chairman of the Florida Prepaid College Board. “The price reduction reflects our unwavering commitment to that objective.”
Gov. Ron DeSantis made the announcement Monday at Florida State College in Jacksonville. DeSantis said in the release the price reduction is aligned with his administration’s goal of making postsecondary education affordable for families.
“My administration has been committed to holding the line on the increasing cost of higher education, and as a result, we are starting to see tuition rates level out,” DeSantis said, according to the release.
The Florida Prepaid board will notify families who are already enrolled in plans in January if they can expect to receive refunds or payment reductions.
Open enrollment in Florida Prepaid
plans runs from Feb. 1 through April 30. Families can enroll in these plans for free, a $50 savings, by using promo code EARLY50 through Feb. 29.
Florida Prepaid allows families to lock in college prices by prepaying for tuition, fees and housing costs on a monthly or lump-sum basis. When their children are ready for college, the plan pays the costs covered at any Florida state college or state university.
If the child attends an out-ofstate college or private college, the plan will pay the same amount as it would pay at a public college or university in Florida. Students have until 10 years after high school graduation to use their plans.
The cost of Florida’s prepaid college plans will go down by $1.3 billion.