WEST PALM BEACH, Fla. — Big news for parents who want to send their children to a Florida college or university.
Open enrollment began Thursday to sign up for the Florida Prepaid college program, and rates are at their lowest point in 10 years.
SPECIAL COVERAGE: Education
Who wouldn't want to go to college in sunny Florida? And now, lower than anticipated college tuition rates are giving hundreds of thousands of families refunds on their Florida Prepaid plans, and new customers are seeing lower rates.
Florida Prepaid allows you to save monthly for your child's college tuition. The program has a variety of plan and payment options based on your child's age.
Right now, Florida Prepaid monthly prices are down 25%. And if you purchased your plan in 2008 or later, you are likely seeing a refund or rate decrease.
Across our area, Florida Prepaid representatives said more than 35,000 plans will see price reductions, and more than 16,000 students will get a total of more than $46 million in refunds.
"As long as you make your payments every month or a lump sum, you've locked in the price of college. Your monthly payments will never go up," said Meredith Westheimer, a spokeswoman for Florida Prepaid. "When so many things are going up in price — we see it at the gas pumps — we're excited to offer this to not only existing customers, but new customers as well."
The open enrollment period continues until April 30.
If your child decides not to go to college, you get that the money back. It can also be applied to out of state or private school tuition.
For more information about Florida Prepaid, click here.