TALLAHASSEE (CBSMiami/NSF) – A measure which will hold down costs for families in the Florida Prepaid College Program received unanimously approval Tuesday in the Florida Senate.

Senate President Don Gaetz, R-Niceville, and House Speaker Will Weatherford, R-Wesley Chapel, indicated before the legislative session that they would push to reduce costs in the program, which is formally known as the Stanley G. Tate Florida Prepaid College Program, after a Miami businessman who played a key role in its development.

Changes made in 2009 have driven up the costs, and the bill would revamp the formula that determines how much families pay. Sponsor Bill Galvano, R-Bradenton, said the bill would lead to payment amounts being based on the program’s actual reserves.

“The result of what we are doing is going to be a significant savings for participants in the prepaid program,” he said.

The News Service of Florida contributed to this report.


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