By Sharon Aron Baron
The Florida Prepaid College Board has decided to give inflation a run for its money by slashing monthly prices for its Prepaid Plan by up to a quarter.
As part of its 35th-anniversary celebration, the board declared up to a 25% reduction in prices during this year’s Open Enrollment period, from February 1 to April 30, 2024.
New rates start at $34/month for a 1-Year University Plan for newborns, a move aimed at making college savings more accessible to Florida families amidst ongoing inflation challenges.
This reduction is attributed to consecutive years of lower-than-expected tuition and fee increases at Florida colleges and state universities.
The adjustment is expected to benefit more than 280,000 current customers, reducing plan prices by over $1.3 billion. Customers who purchased plans since 2008 and have not yet used them will see price decreases, with nearly half receiving refunds totaling more than $350 million, averaging $2,600 per customer.
The board’s Chairman, John D. Rood, emphasized their commitment to supporting Florida families in making college savings simple and affordable.
“Every day, we strive to support Florida families by making college savings simple and affordable,” said Board Chairman John D. Rood. “This price reduction reflects our commitment to that goal. We thank Governor Ron DeSantis and the Florida Legislature for their continued efforts to make a college education attainable for Florida students during these past few years of economic uncertainty and heightened inflation.”
Prepaid Plans offer a straightforward way for families to save for future college tuition and fees, with the option to lock in prices and make fixed monthly payments. The plans are versatile, covering equivalent costs at out-of-state or private colleges, and are backed by the State of Florida, offering up to ten years after high school graduation for usage.
Kevin Thompson, the Executive Director, highlighted the program’s role in alleviating financial pressures on families, reinforcing Florida Prepaid’s position as the nation’s largest and longest-running prepaid college program.
Families interested in exploring various plans or starting their savings journey can visit myfloridaprepaid.com for more information and to access an online pricing tool.
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