Florida parents, check your accounts. Florida Prepaid has announced price reductions for plans, which could mean refunds for your child’s college savings plan.
According to an announcement on Monday, more than 280,000 current customers with plans purchased since 2008 will receive $1.3 billion in price reductions; nearly 100,000 customers will receive over $330 million in refunds.
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The rollback also means that current plan prices are at the lowest rates in 10 years, starting at just $34 a month for a newborn.
In the Miami area, 84,973 student plans will see reductions worth $436 million. In addition, 37,671 students will get a total of $112 million in refunds on their existing plans.
If you already submitted your application for the Contract Year 2024 Open Enrollment period between May 1, 2023, and Jan. 31, 2024, you would receive your final plan prices in February, and you will be included in this price reduction automatically.
For more information, click on this link.