Florida Prepaid College Program, More Than $200 Million In Refunds Go Unclaimed

TALLAHASSEE (CBSMiami/NSF) - More than 30,000 families have yet to claim over $200 million worth of refunds from Florida's Prepaid College Tuition Program.

Prices for the prepaid plans were rolled back last year, as tuition at state colleges and universities had not increased in six years. This left some accounts paid off early, with refund balances due.

On average, families that have not yet claimed their refunds have $4,700 waiting for them.

"This is a time when we know that there are families who could definitely use a $4,700 check. We don't want to hold it. We would like you to have it and claim it," said program spokeswoman Shannon Colavecchio.

In addition to receiving refunds, families can also transfer the balance to the accounts of other children or put the money into another savings plan to help pay for books, technology and housing for college students.

The program is also waiving the $50 application fee for anyone who submits an application for a new prepaid plan between now and October 31. People who sign up early will be enrolled automatically when open enrollment begins on February 1.

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