JACKSONVILLE, Fla. -- Florida Governor Ron DeSantis announced the Florida Pre-Paid College Board will lower pre-paid plan prices by $1.3 billion.
The reduction will benefit 224,000 current customers.
Nearly half of the affected families will have refunds available totaling more than $500 million.
The remaining plans will have lower monthly payments and may be paid off even earlier than expected.
The savings are due to successive years of lower than anticipated tuition increases and fee inflation.
Pricing for the upcoming 2020 plan year will have the lowest rate in five years, starting at $44 per month for a newborn.
For more information go to MyFloridaPrepaid.com.