Application fees also will be waived for new plans purchased by the end of 2014.
And about 18,000 families -- including about 4,000 in the Orlando area -- who previously had purchased more expensive plans will share in about $200 million in refunds, the board said. The refunds apply to those who bought plans from 2008 to 2014 with the "tuition differential fee," a supplemental plan to cover tuition costs set by universities, on top of that set by the state.
The changes come because of a law passed by the and approved by Gov. this spring.
Florida's prepaid plans aim to let family's lock in tuition rates when their children are still young and pay off some college costs before they enroll. But as tuition and fees at Florida's public colleges have soared, so has the cost of the program, pricing out many families.
Enrollment in pre-paid plans has dropped as the costs have gone up. About 11,300 families signed up to participate in 2013-14 -- down from almost 16,300 the previous year, state records show.
With today's announcement, prepaid officials expect a renewed interest in the program that aims "to provide Floridians with affordable college savings options," said Duane Ottenstroer, chairman of the Florida Prepaid board.
The lower prices approved today mark a major milestone in the history of Florida Prepaid, and more importantly, a milestone in the path of opportunity for Florida students and their families," he added.
Families can begin enrolling in the new plans on Oct. 15 and have until Feb. 28, 2015 to sign up. For more information, go to the .
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