Thousands of families will see their Florida Prepaid college tuition savings plans suddenly paid off thanks to price cuts announced in Jacksonville Monday by Governor Ron DeSantis.
“We’re going to be lowering prepaid plan prices by $1.3 billion dollars, a reduction that benefits 224,000 current customers,” DeSantis said.
According to DeSantis, people who paid off plans they purchased in 2008 or later will be getting an average refund of around $4,700.
People still paying into the program will see their plans either paid off or their payments reduced.
New plans will also cost significantly less.
DeSantis credits the cost reduction to lower-than-anticipated tuition increases and the hundreds-of-thousands of dollars in savings the Florida Prepaid board voted to share with customers.
Open enrollment in the program begins February 1 with plans for newborns starting at $44 a month.
The program is also waiving the $50 application fee for the entire month.
Florida’s prepaid savings program lets parents lock-in the cost of attending a state college or university now by paying for it while their children are young.
The pre-paid plans are guaranteed by the State of Florida. If a child attends a private institution or out-of-state school, a Prepaid Plan will pay the same amount as a public college or university in Florida.
More information is available at MyFloridaPrepaid.com.