Prepaid Plan Price Reduction for Current Account Owners
In January, 2020, the Florida Prepaid College Board (“Board”) announced lowered Prepaid Plan prices for certain customers, without any change to Plan coverage. This reduction was made possible due to successive years of lower than anticipated tuition and fee increases.
Price Reduction FAQs
Due to successive 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 purchased in 2008 or later and with a projected college enrollment year of 2020 or later.
- Log in to your account (or create an account if you do not yet have one)
- Select your student
- Choose the specific Plan 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 and new payment amount (if your Plan is not paid in full), and, if you have a refund available, you will see a red button labeled Overpayment Refund.
You may view and request a refund for your overpayment amount by logging into your account selecting your student, and choosing the specific Plan that you would like to view.
From the Plan Details tab of your online account, in the Financial Overview section:
- Select the red Overpayment Refund button
- Validate your address
- Choose your refund option (you may select all or part of the amount):
- You may choose to contribute your refund directly to a Florida 529 Savings Plan if you would like to save for other college expenses like books, room and board, supplies, and computers.
- You may choose to receive your refund by check.
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 by logging into your account, selecting your student, and choosing the specific Plan that you would like to view. Please compare the Total Amount Due with the Purchase Price in your January 2020 Statement, provided in the Your Documents link.
Prepaid Plan payments are due on the 20th of each month. You may view your new payment amount by logging into your account, selecting your student, and choosing the specific Plan that you would like to view. 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.
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 and letter from the Governor.