Florida Prepaid Announces Lowest Prices in Ten Years
As the Florida Prepaid College Board celebrates 35 years of helping Florida families save affordably for college, they are lowering Prepaid Plan monthly prices by up to 25 percent during the Open Enrollment period from February 1 through April 30, 2024.
The reductions — primarily due to successive years of lower-than-anticipated tuition and fee increases — will bring Prepaid Plan prices to their lowest level in 10 years:
- 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 price reduction is also good news for current customers with plans purchased since 2008 that have not yet started using benefits. More than 280,000 existing customers will have their plan prices lowered by more than $1.3 billion. For nearly half of those customers, it means their plans will be paid in full – and they will receive refunds totaling more than $350 million. The average refund per customer is $2,600.
Eligible account owners will receive a notification from the Board regarding their refund and/or payment reduction. For more information about how your plan will be affected, go to myfloridaprepaid.com/lowprices.
Customers who submitted their contract year 2024 Prepaid Plan application between May 1, 2023, and January 31, 2024, will receive notice of their new plan pricing in February.
The price reduction and refunds come as Floridians face inflation in so many other areas of life. So, if you have not yet started saving for college or need to start saving for another child, this Open Enrollment really is the best time to enroll!
To get started, visit myfloridaprepaid.com. Open Enrollment ends April 30, 2024.