Prepaid Plan Price Reduction for Current Account Owners
The Florida Prepaid College Board is pleased to announce that we have been able to lower Prepaid Plan prices for certain customers, without any change to Plan coverage. This reduction has been made possible due to successive years of lower than anticipated tuition and fee increases.
We thank Governor Ron DeSantis and the Florida Legislature for their efforts to keep a college education affordable for Florida students and families. For more information, please read the Press Release.
Price Reduction FAQs
Due to successive years of lower than anticipated tuition and fee increases, the Florida Prepaid College Board (“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 have been reduced for most Tuition, Local Fee and Tuition Differential Fee (TDF) Plans purchased in 2008 or later and with a projected college enrollment year of 2020 or later.
There are three basic components used to establish Prepaid Plan prices – current college costs, assumptions about future college costs and investment returns. Due to successive 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).
You may view your new Prepaid Plan price online on the Plan Details tab. Please compare the Total Amount Due with the Purchase Price in your most recent Statement. Your most recent Statement is provided in the Your Documents tab.
In addition, you may view the amount of any potential refund from the Plan Details tab of your online account.
Prepaid Plan payments are due on the 20th of each month. Your new payment amount is provided online on the Plan Details tab. 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 “Paid in Full”, your ACH withdrawal has been canceled.
- Payroll Deduction – Please contact your employer to adjust your payment.
- Online Banking – Please adjust your payment 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.
The excess between any payments that you have already made and your revised monthly payment amount may result in your Plan being “Paid In Advance”. The Board has applied the excess funds on your account to future payments and has adjusted your Next Payment Due Date based on the number of complete payments that can be made with the excess funds.
We recommend that you continue to make monthly payments, even while you are “Paid in Advance.” If you pay via automated contributions (ACH), payments will continue without pause at the lower monthly amount. By continuing to make payments, you will pay off your Prepaid Plan early.
Only certain Prepaid Tuition and Fee Plans are affected by the price reduction. University Dormitory Plans are not affected by the price reduction.
You may view and request a refund for the overpayment amount by logging into your account and selecting the Plan Details tab.
How do I see if I have a refund?
- If you already have an online profile, once you log in, you will arrive on the Your Plans tab
- Select the Plan Details tab
- If not selected already, choose the specific Plan for the student that you would like to view
- In the Plan Overview section, you can see your Contract Year and your Plan status
- In the Financial overview section, you can see your next payment due date, new payment amount, and, if you have a refund available, you will see a red button labeled Overpayment Refund
How do I view the amount of my refund and request that refund?
From the Plan Details tab of your online account, in the Financial Overview section:
- Select the Overpayment Refund button
- Validate your address – to do this, you will be emailed a unique security code. Enter this code to proceed to the next step
- Choose your refund option (you may select to receive all or part of the amount) and click the red button labeled Submit Refund Request. You will then receive an overpayment refund request confirmation
Special 2020 Prepaid Plan Prices
Ready to learn more about special Prepaid Plan prices available through April 30, 2020?
Please visit our Prepaid Plan Pricing Tool and enter your child’s birthdate to view special pricing available this Open Enrollment period.
If you still have questions, call customer service at 800-552-4723. Please know we are experiencing extremely high call volumes given our exciting news.