On Monday, Governor Ron DeSantis announced that the State of Florida will be lowering Florida Prepaid plan prices in order to make college more affordable.
He says the reduction will save Floridians $1.3 billion and will benefit 224,000 current Florida Prepaid customers.
"One of the priorities of my administration is to make access to higher education affordable and attainable," said DeSantis. "There's a lot of great things that can come from getting that advanced knowledge and skills in a college degree but I think as we've seen throughout our society the past 10 to 15 years that has caused some people to go into crippling debt."
More than 108,000 plans are now paid in full and can receive an average cash refund of $4,700. Plan holders also have the option to transfer their refund to a Florida Prepaid savings account for other college expenses like books, supplies and housing.
Desantis says pricing for the upcoming 2020 plan year will have the lowest rates in five years, starting at $44 a month for a newborn.
More than 1.8 million Florida Prepaid Plans have been sold, and the Florida 529 Savings Plan has been ranked among the best-performing college savings plans by SavingforCollege.com.