TALLAHASSEE (CBSMiami) – Florida families who are enrolled in one of Florida’s Prepaid College Plans will have their payments deferred until July.

The deferred payment option will apply to all 26,000 families who have opened new Prepaid Plans since Open Enrollment began February 1st and to any existing enrollees who are still paying on their plans.

New enrollees will make their first payment on July 20 and have their $50 application fee waived.

Current enrollees will have their next payment due date moved to July 2020.

Payment schedules will be extended by three months. Families can continue to make payments as previously scheduled if they choose.

“We hope that the deferred payments will provide some financial relief during this challenging time,” said Board Chairman John D. Rood in a statement.

In January, the Florida Prepaid College Board rolled back plan prices to their lowest price in 5 years, They also announced that $500 million in refunds would be given to existing customers.

Prepaid Plan prices for 2020 Open Enrollment period started at $44 per month for a newborn.

A Prepaid Plan allows families to lock in future college costs for less so their child’s college tuition is ready and waiting for them. Families simply pick a Prepaid Plan to fit their budget and savings goals.

Over the last 30 years, Florida Prepaid has helped about 1.2 million families save for college and more than 518,000 students have attended college using a Prepaid Plan – making it the largest and longest-running program of its kind in the nation.

For more information about deferred Prepaid Plan payments, visit myfloridaprepaid.com.