TALLAHASSEE, Fla. – The Florida Prepaid College Board is making higher education more attainable by reducing monthly prices for prepaid plans by up to 25%, according to a new report.
The new initiative, effective during its open enrollment period from Feb. 1 through April 30, is a result of consecutive years with lower-than-expected tuition and fee increases, the board said.
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These substantial reductions mark the lowest prepaid plan prices in a decade, offering families a more affordable path to secure their children’s educational future.
Here are the following plans and costs:
- 1-Year University Plan for a newborn starting at $34 a month
- 2-Year College Plan starting at $39 a month
- 4-Year University Plan starting at $135 a month
The Florida Prepaid College Board said this price adjustment brings positive news for over 280,000 existing customers who purchased plans since 2008 and have yet to utilize the benefits. The Board will lower their plan prices by more than $1.3 billion, resulting in refunds exceeding $350 million. On average, each customer can expect a refund of $2,600.
Eligible account holders will receive notifications from the board outlining their refund and or payment reduction.
Customers who submitted their contract year 2024 Prepaid Plan applications between May 1, 2023, and Jan. 31, will be informed of their new plan pricing in February.
The board said these changes come amidst rising inflation numbers across various aspects of life.
For families who have yet to begin saving for college or need to start saving for another child, the ongoing open enrollment period concludes on April 30.
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