Gov. Ron DeSantis Announces Cut In Florida Prepaid Tuition Prices And Refunds

TALLAHASSEE (CBSMiami) -- Florida is lowering its prepaid tuition prices for state and college universities by $1.3 billion, announced Florida Governor Ron DeSantis on Monday.

DeSantis said the reduction benefits 224,000 current customers.

"What that'll mean is nearly half of the affected families have refunds available right now totaling more than $500 million," DeSantis said during a news conference in Jacksonville. "The remaining plans will have lower monthly payment amounts and may be paid off earlier than anticipated due to this price reduction."

The reduction was possible due to successive years of lower than anticipated tuition and fee increases.

"One of the priorities of my administration is to make access to higher education more affordable and obtainable," DeSantis said. "[Higher education has] cost some people to go into crippling debt."

READ LETTER FROM GOV. DESANTIS

New enrollment costs are being reduced to as low as $44 a month for infants for some plans, the lowest Florida Prepaid has cost in five years.

The price reductions apply to plans purchased since 2008, with half of those impacted getting a $4,700 check in the mail and the other half seeing reduced payments starting today. Those receiving reduced payments will have lower monthly payment amounts and may be paid off earlier than anticipated due to the price reduction.

Eligible existing customers should expect to receive notification from the board this month. Customers can also check for themselves by checking their online account.

However, the Florida Prepaid website is experiencing unusually high traffic due to the news and has been difficult to login to Monday.

According to DeSantis, plan holders have the option of transferring the savings to a savings plan that can be applied toward additional college expenses, such as rent and textbooks.

"This price reduction is great news for hardworking Florida families looking to invest in their children's future," DeSantis said.

Additionally, open enrollment for Florida Prepaid starts Feb. 1 and runs through April 30 and the board has waived the $50 enrollment fee through February 29 when customers use the promotional code, "EARLY50."

For more information about how your Plan will be affected, go to myfloridaprepaid.com/lowprices.