Gov. Ron DeSantis announces price cuts, refunds for Florida Prepaid customers
TALLAHASSEE, Fla. - Governor Ron DeSantis said the state is lowering its Florida Prepaid prices by $1.3 billion, which means cheaper prices and refunds for thousands of customers.
The Florida Prepaid College Board's price reductions are the lowest in five years, the governor's office says, and will benefit 224,000 customers who have paid into the program.
The price reductions are due to successive years of lower than anticipated tuition and fee increases, the governor's office said.
Florida Prepaid allows parents to lock in tuition rates for the state's public universities while their children are still young.
“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,” DeSantis said in a statement. "This price reduction is great news for hardworking Florida families looking to invest in their children’s future.”
Over 100,000 plans purchased in 2008 or later are now paid in full; as a result, those families will receive an average cash refund of $4,700.
Remaining plans have lower payment amounts and may be paid off earlier than anticipated due to the reduction.
Plan holders will have the option to transfer their refund to a savings account for other education expenses, such as textbooks or housing.
For more information, or to find out if you qualify for a refund, visit Florida Prepaid's website.