Florida Refunds Prepaid Plan Funds

Florida will issue cash refunds for families who have participated in its prepaid tuition plan, officials announced Monday.

The Florida Prepaid Plan is designed to enable families to lock in college costs by making regular payments toward a child’s future college or university attendance. In the past, the plan increased prices because rising tuition and fees were expected. But those costs didn’t grow as anticipated.

Now, $500 million will be refunded, Governor Ron DeSantis announced. A total of 224,000 accounts stretching back to 2008 will be affected, with payouts averaging $4,700, the Tampa Bay Times reported. Roughly 108,000 will be paid in full.