Prepaid Plan 2024 Open Enrollment
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We are excited to announce a price reduction for this year’s Open Enrollment period, from February 1 to April 30, 2024. Prepaid Plan prices are the lowest in 10 years, starting at just $34/month for a 1-Year University Plan for a newborn.
You can view your child’s Prepaid Plan price using our pricing calculator – just input their birthdate and select the preferred payment option. Many families start with one or two years of the 1-Year University Plan, and then add more years in the future. With monthly plan prices now about 20% lower than last year, don’t wait to lock in your Prepaid Plan price today!
Prepaid Plan Price Reduction for Current Account Owners
In January 2024, the Florida Prepaid College Board (“Board”) announced reduced Prepaid Plan prices for plans purchased since 2008 that have not started utilizing benefits. Affected Plans will still maintain the same plan coverage.
This reduction was made possible primarily due to continued years of lower than anticipated tuition and fee increases.
If you already submitted your application for the Contract Year 2024 Open Enrollment period between May 1, 2023, and January 31, 2024, you will receive your final Plan prices in February, and you will be included in this price reduction automatically.
“Every day we strive to support Florida families by making college savings simple and affordable. 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 increased inflation.”
— Board Chairman John D. Rood.
Price Reduction FAQs
Why was my Prepaid Plan price reduced?
Due to continued years of lower than anticipated tuition and fee increases, the Board determined that it was possible to go back and lower certain Prepaid Plan prices without jeopardizing the ability to cover future college costs. Prepaid Plan prices were reduced for most Tuition, Local Fee and Tuition Differential Fee (TDF) Plans, as well as Dormitory Plans, purchased in 2008 or later and with a projected college enrollment year of 2024 or later.
Do I need to take action if I am still making payments on my Prepaid Plan?
No. Prepaid Plans with outstanding payments (remaining balance due) will benefit from the new lower price and will now have a reduced monthly payment amount. You may log in at myfloridaprepaid.com to view your new payment amount in the Financial Overview section of your child’s Prepaid Plan. You do not need to take any action to enjoy this benefit.
- Since your Plan price has been reduced, you now have the opportunity to pay off your Plan earlier than expected just by continuing to make payments each month.
- If you choose, you may request a refund by clicking the red Overpayment Refund button to initiate a refund or move funds into a 529 Savings Plan. If you request a refund, this may affect your next payment due date.
- If you pay via automated contributions (ACH), payments will continue without pause at the lower monthly amount.
Do I need to take action if my Prepaid Plan is now paid off and I have an overpayment refund available?
Yes. You may now view your new Plan price and request an overpayment refund by logging into your account and selecting your student’s Prepaid Plan.
- You will see your new lower Prepaid Plan price in the Financial Overview section.
- Click the red Overpayment Refund button to initiate a refund or move funds into a 529 Savings Plan. Learn more here.
- Many families choose to move their refund into a Florida 529 Savings Plan to save for additional college expenses like books, room and board, supplies, and computers.
How was my lower price determined?
There are three basic components used to establish Prepaid Plan prices – current college costs, assumptions about future college costs and investment returns. Due to continued years of lower than anticipated tuition and fee increases, the Board determined that it was possible to incorporate recent tuition and fee experience to lower certain Prepaid Plan prices. Please note that the Board will never increase the cost of your existing Plan(s).
How much did my Prepaid Plan price decrease?
You may view your new Plan price in the Financial Overview section of your child’s Prepaid Plan account. Please compare the total amount due with the purchase price in your January 2024 Statement (select the View Documents link on the right hand column).
What do I need to do for future payments?
Prepaid Plan payments are due on the 20th of each month. You may log in at myfloridaprepaid.com to view your new payment amount in the Financial Overview section of your child’s Prepaid Plan.
Please make note of the next payment due date. We recommend that you continue to make monthly payments without pause so that you can pay off your Prepaid Plan earlier than expected.
If you currently make your payment using:
- ACH – No action is necessary. Payments will continue without pause at the lower monthly amount. If your Plan status is now “Paid in Full,” your ACH withdrawal has been canceled.
- Payroll Deduction – Please contact your employer to adjust your payment amount.
- Online Banking – Please adjust your payment amount through your online banking provider.
- Check or Money Order by Mail – You can also make payments online. If you do not already have an online account, please create one. If you would like to pay by check or money order, log in to your online account and print a coupon to mail with your payment. Please make sure to include the account number.
