FLORIDA PREPAID COSTS GOING DOWN
If you’re a parent or grandparent or godparent or friend who has purchased or might consider a Florida Prepaid College Plan for a promising young scholar, I have very good news for you. Costs are going way down and, if you’ve already paid, you’ll get a refund.
Reducing the costs of a Florida prepaid tuition package was a key part of the joint workplan which House Speaker Will Weatherford and I committed ourselves to this year. During the recent legislative session, the House of Representatives and the Senate both supported our initiative to eliminate the automatic 15 percent annual increase in prepaid higher education costs. Today, the Florida Prepaid College Board took action to implement the new law.
Effective today, the price of 4-year University Plans will drop up to 50 percent compared to last year’s cost. Also, Florida Prepaid will offer a new University Plan which allows families to purchase up to four years at a state university in one year increments. This plan starts as low as $43 per month. With this new option, families can always add additional years of prepaid tuition as their budgets allow. Click here for more information about options, including how grandparents and others can contribute incrementally to a child’s education.
VERY IMPORTANT: Prepaid plans will be available for purchase during an open enrollment period beginning October 15, 2014 and extending until February 28, 2015. Application fees will be waived for all plans purchased through December 31, 2014.
Eligible account owners can expect to receive notification this month regarding their specific refund or payment reduction information. It is anticipated that payment reductions totaling more than $700 million in savings over the plans will be applied to prepaid plan payments beginning September 20, 2014. Refund checks totaling some $200 million will be mailed within six weeks of that date. If you own a prepaid account, you don’t have to take any action. I’m deeply grateful to Speaker Weatherford, Senate Education Chairman John Legg, Education Appropriations Chairman Bill Galvano and Governor Scott for their leadership and support in making Florida Prepaid more affordable, more in reach for scores of thousands of families in our state.
When our children, Matt and Erin, were babies we stretched our family budget to purchase Florida Prepaid plans for both of them. It turned out to be a great investment decision and guaranteed that, no matter what happened, our children would have the opportunity for an education. As a father and as your senator, I surely want you to have that same choice and for your children and grandchildren to have that opportunity, as well. That’s why passing this legislation was so important to me.
As always, if you have any questions, concerns, criticisms or suggestions, please contact me any time.
Senator Don Gaetz
CONTACT: Katie Betta, (850) 487-5210