On Monday, Gov. Ron DeSantis announced plans for the Florida Prepaid College Board to lower Prepaid Plan prices by $1.3 billion, a reduction benefiting almost 225,000 customers.
“Nearly half of the affected families will have refunds available totaling more than $500 million. The remaining Plans will have lower monthly payment amounts and may be paid off earlier than anticipated due to the price reduction. The savings are due to successive years of lower than anticipated tuition increases and fee inflation,” the governor’s office noted.
DeSantis praised former Amb. John Rood who chairs the Florida Prepaid College Board for his help.
“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,” said DeSantis. “I thank Chairman Rood and the Board for their wisdom and financial stewardship, without which these incredible savings would not be possible. This price reduction is great news for hardworking
Florida families looking to invest in their children’s future.”
“Our goal has always been to empower and support Florida families by making college savings simple and affordable,” said Rood. “The price reduction reflects our unwavering commitment to that objective. We commend Governor Ron DeSantis and the Florida Legislature for their continued efforts to make a college education affordable for Florida students and families.”
“More than 108,000 Plans are now paid in full and can receive an average cash refund of $4,700. Plan holders also have the option to transfer their refund to a Florida Prepaid savings account for other college expenses like books, supplies and housing. Pricing for the upcoming 2020 plan year will have the lowest rate in five years, starting at $44 per month for a newborn,” the governor’s office noted. “Eligible plan holders will receive notification from the Board about their refund and/or payment reduction information.”