On Monday, Florida Governor Ron DeSantis announced record refunds to parents through the Florida Prepaid program and encouraged Florida families to take advantage of an affordable prepaid college plan.
“Because of our focus on academic achievement and fiscal responsibility, Florida has both the number one ranked higher education system and the lowest tuition in the country,” DeSantis said. “Florida’s flexible college savings options like the Florida Prepaid program allow parents to get a head start on paying for the future, and even get money back when tuition stays low. And because I have ensured tuition has not been raised in Florida since I’ve become Governor, we have another round of refunds available for parents now.”
In total, Florida has returned nearly $1 billion to Florida families through Prepaid Florida refunds. Florida Prepaid is the largest and longest running prepaid program of its kind, with a 35-year track record of helping over 1.2 million Florida families save for college so they can graduate and enter the workforce without burdensome loan debts.
“Florida is setting an example for the rest of the nation for ensuring that students can access higher education without taking on high amounts of debt,” said Florida Department of Education Commissioner Manny Diaz, Jr. “I am proud that Florida not only offers options like Florida Prepaid, but we are also returning money to parents because Governor DeSantis has kept tuition low.”
The Florida Prepaid college saving program allows Florida families to lock in future tuition costs at today’s prices. Because the program factors in what tuition may cost in the future, parents receive a refund if tuition stays lower than what is predicted, often resulting in thousands of dollars back.
“There is a national narrative that higher education is extremely costly and not worth it. As the number one state for higher education for eight years in a row, Florida universities are a great return on investment. Florida has held tuition and fees flat and continues to prioritize textbook affordability,” said Ray Rodrigues, Chancellor of the State University System of Florida. “National College Savings Month provides an opportunity to highlight the affordability of our public institutions and the benefit Florida’s Prepaid College Savings Programs offer to families.”
According to an official statement from DeSantis’ office, Florida has secured two rollbacks on Florida Prepaid Plan rates, one in 2020 and another earlier this year. These rollbacks have resulted in hundreds of thousands of families paying less, with their prepaid plan rates being reduced by a cumulative amount of $2.6 billion. In fact, more than 40,000 families still need to collect their 2024 refund, with over $130 million in unclaimed refunds. To find out if you have an unclaimed refund, please login to your Florida Prepaid account.
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