Gov. Ron DeSantis was at Lawton Chiles Elementary School in Orlando on Monday to encourage families to check to see if they have a refund in their college savings plan.
DeSantis said parents who are enrolled in the Florida Prepaid Program, a statewide college savings plan, could have a refund waiting to the tune of thousands of dollars per family.
That’s because the board of the Florida Prepaid Program has authorized over $130 million in refunds as the cost of college tuition in the state has been steady.
And the board has reduced the cost for families to participate in the program.
“And so a lot of those families have taken those refunds. There is, though, still a lot of money that's outstanding. And so we want to, one, let parents know that this program is available. But two, for those who are involved in the program, if you haven't claimed your refund. You can go on to your account and claim the refund,” said DeSantis.
Some $850 million in refunds have already been claimed.
DeSantis said the average amount for a refund varies, but when refunds were offered for the first time in 2020, families got about $4,500 back per student.
Watch DeSantis discuss Florida Prepaid at the press conference in Orlando:
He also urged families who haven’t signed up for Florida Prepaid to do so now. The program includes a 529 savings plan, which is a tax-free savings plan in which families save now, for future college expenses.
If families enroll before Oct. 28, they will receive a $50 gift card.
Money in the plan can be used for out-of-state and in-state tuition, at private and public colleges and universities, and can be transferred between siblings.
“I think the lowest plan is like $35 a month that you can do. You can pay more if you want to pay it off quicker or have more benefits. But there's a wide range of options for people,” said DeSantis.
If a child receives a full-ride Bright Futures Scholarship, to attend college, their family will be refunded the money they would have needed for school.
Over 1.2 million families have enrolled in Florida Prepaid.
Families can choose from a variety of plans including a 2- and 4-year college plan, a 2 + 2 college plan, and a 1- and 4-year university plan.
Learn more about Florida Prepaid here:
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