WEST PALM BEACH, Fla. — The open enrollment for the Florida Prepaid College Tuition Plan begins Thursday, the 35th anniversary of the savings plan with prices the lowest in 10 years.
This year's program, which runs through April 30, includes up to a 25% reduction, primarily due to successive years of lower-than-anticipated tuition and fee increases for Florida colleges and state universities, according to a news release.
“Every day we strive to support Florida families by making college savings simple and affordable,” Board Chairman John D. Rood. said. “This price reduction reflects our commitment to that goal. We thank Gov. 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 Plan prices start at $34 a month for a one-year University Plan for a newborn. The two-year plan runs $39 and the four-year plan is about $135 per month.
More than 280,000 existing customers who have plans purchased since 2008 also will have plan prices lowered by more than $1.3 billion. Nearly half of these customers now have their plan paid in full and will receive refunds totaling more than $350 million. The average refund per customer is $2,600.
Any customers who have already submitted their Prepaid Plan application between May 1, 2023, and Wednesday will receive notice of their new Prepaid Plan price in February.
If a child attends an out-of-state college or private college, a Prepaid Plan will pay the same amount as it would pay at a public college or university in Florida. Every Prepaid Plan is protected by the State of Florida, and a child has up to 10 years after high school graduation to use a plan.
“Florida families have been squeezed by housing and food costs over the past few years, and we are glad to be able to ease their budget concerns by providing even more affordable plan prices," Executive Director Kevin Thompson said. "Florida Prepaid is the largest and longest-running prepaid program in the nation, and we hope that with the reduced prices even more Florida families can start saving for their children’s future.
“For 35 years, we have stayed true to the mission of our founder, Mr. Stanley G. Tate, to provide Florida families with an affordable means to save for their children’s higher education.”"
Information is available at myfloridaprepaid.com [myfloridaprepaid.com].
Tuition at Florida's universities for instate students is among the lowest in the nation. For example, nine-month tuition and fees at Florida Atlantic University total $5,952.
Students also can take advantage of Florida's Bright Futures, a scholarship program funded by the Florida Lottery that began in 1997. The program pays up to 100% tuition and fees for academic merit.
Students receiving Bright Future funding can use the prepaid funds for other expenses, including room and board.
