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Florida Prepaid College Board Defers All Prepaid Plan Payments until July 2020

Decision aimed at helping families navigate challenges related to COVID-19

  • New customers will make their first payment on July 20, 2020.
  • Current customers will have their next payment due date moved to July 2020.
  • Prepaid Plan prices for the 2020 Open Enrollment period start at $44 / month for a newborn – the lowest in five years

 TALLAHASSEE, Fla. – The Florida Prepaid College Board announced today that it is deferring Prepaid Plan payment due dates until July 2020 to provide flexibility to families as they navigate the challenges related to COVID-19.

New customers who purchase Prepaid Plans during the remainder of the current Open Enrollment period will make their first payment on July 20, 2020, and their $50 application fee will be waived.

The Board is also deferring all payments for April, May and June for current customers. All payments will resume July 2020, and payment schedules will be extended by three months. Families can continue to make payments as previously scheduled if they choose.

“As Florida continues to cope with the many impacts of COVID-19, our message to families is clear: the Florida Prepaid team is here for you, and we remain committed to our mission of making college savings attainable for Florida families,” said Board Chairman John D. Rood. “We hope that the deferred payments will provide some financial relief during this challenging time.”

Since Open Enrollment began, more than 20,000 families have started saving for college. Over the last 30 years, Florida Prepaid has helped about 1.2 million families save for college and more than 518,000 students have attended college using a Prepaid Plan – making it the largest and longest-running program of its kind in the nation.

“As uncertain as these times are, we encourage Florida families to take comfort in knowing that Prepaid College Plans offer certainty and security for your college savings,” said Kevin Thompson, Florida Prepaid Executive Director. “All Prepaid College Plans are guaranteed by the State of Florida, ensuring families can never lose their investment.”

A Prepaid Plan allows families to lock in future college costs for less so their child’s college tuition is ready and waiting for them. Families simply pick a Prepaid Plan to fit their budget and savings goals.  There are no worries about the ups and downs of the stock market or how much tuition might go up.

Families can use the online Prepaid Plan pricing tool to determine what the various plans cost based on a child’s age, as well as explore the different payment options available. Prepaid Plan prices start at $44 / month for a newborn – the lowest in five years.

If a child attends an out-of-state college or private college, Florida Prepaid will pay the same amount as it would pay at a public college or university in Florida. Every Prepaid Plan is guaranteed by the State of Florida, and a child has up to 10 years after high school graduation to use a Plan.

For more information about deferred Prepaid Plan payments, visit myfloridaprepaid.com.


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