Florida Prepaid College Plans announce new prices leading to enrollment period
With enrollments set to start on Monday, the Florida Prepaid College Plans announced new price points for new memberships.
Families with a newborn signing up for the monthly payment plan would pay $331.59 per month for the four-year university plan, up from $297.90 last year. The other new costs are:
- 2 + 2 Plan, $221.92 monthly, up from $199.37
- Four-year college plan, $111.98, up from $104.74
- Two-year college plan, $51.42, up from $48.73
Program executive director Kevin Thompson said in a conference call that the increases are "primarily the result of anticipated increases in tuition costs." He noted that families that make a one-time lump sum payment save the 4.09 percent interest rate that is built into the monthly charge. He added that families seeking to make smaller investments can participate in the state's 529 investment plan, which can be maintained for as little as $25 a month.
"We're going to be pushing that even harder because of the lower point of entry," Thompson said.
Florida Prepaid has served more than 1.5 million students since its inception 24 years ago. It is the largest and longest-running prepaid tuition program in the country. Thompson stressed that it also is financially stable, and touted it as a way to protect families' ability to afford college.
Florida tuition has doubled in a decade, and the program projects that tuition and fees in Florida will be about $140,000 for today's infant when arriving at university.