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Florida Prepaid offers payment break during coronavirus crisis

Families will get a three-month respite on plan payments.

Acknowledging the financial turmoil many Florida families face, the state’s Prepaid College Board announced Monday it has deferred all plan payments by three months.

That means any current plan holders, plus those who purchase new ones in the current enrollment cycle, will not have to pay their monthly installments in April, May or June.

Payments would resume in July, with the final one pushed back by three months on each plan’s schedule.

The agency also said it would waive the $50 registration fee for any new plans. The board recently reduced its rates, and offered a refund to many participants.

The enrollment window runs through the end of April.

“As Florida continues to cope with the many impacts of COVID-19, our message to families is clear: the Florida Prepaid team is here for you, and we remain committed to our mission of making college savings attainable for Florida families,” Board Chairman John D. Rood said in an emailed statement. “We hope that the deferred payments will provide some financial relief during this challenging time.”

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