The Florida Prepaid College Board (“Board”), and the Florida Prepaid College Foundation, are excited to announce a price reduction for the 2024 enrollment period. Prepaid Plan prices are the lowest in 10 years.
Prepaid Plan Price Reduction for Current Account Owners
In January 2024, the Board announced reduced Prepaid Plan prices for Plans purchased between 2008 and 2023 with a projected enrollment year of 2024, or later. Affected Plans will still maintain the same plan coverage. This reduction was made possible primarily due to continued years of lower than anticipated tuition and fee increases.
In our ongoing mission to expand college scholarship opportunities for deserving Florida students and to streamline scholarship management for our valued partners, we are introducing new Foundation Scholarship Plans with an attractive pricing option.
- The new Foundation Scholarship Plans have all the characteristics and benefits of traditional Prepaid Plans except these plans are non-refundable and non-transferable.
- This allows us to price the Scholarship Plans even more affordably, and it reduces the administrative burden on our partners to manage scholarship usage in the future.
- The new Scholarship Plan pricing is available in a “Nationwide” or “Florida Only” school usage format.
How are Foundation Scholarship Plan prices determined?
Like traditional Prepaid Plans, prices are actuarially determined – considering current tuition and fee rates, anticipated tuition inflation, and investment yields to cover future college costs at a price less than the expected cost. And, by incorporating scholarship usage and our termination experience into the actuarial calculation, we can offer these new Foundation Scholarship Plans at a reduced cost for all of our Foundation partners.
How is a new Foundation Scholarship Plan similar to a traditional Prepaid Plan?
The student receives the same value at approved colleges/universities. For example, a traditional Prepaid Plan and a new Foundation Scholarship Plan can both offer a student the same opportunity to pay for 60 credit hours at a Florida College when utilizing a 2-Year Florida College Plan.
How are these new Foundation Scholarship Plans different from a traditional Prepaid Plan?
Our new Foundation Scholarship Plans are designed for only one recipient; unused credit hours, if any, are non-refundable and non-transferrable. This results in a significantly lower price with no long-term scholarship administration for the Foundation partner.
When do I need to name a student to a new Foundation Scholarship Plan?
A student must be named within 120 days of purchase.
Can I buy a new Foundation Scholarship Plan now?
Yes.
Can I cancel an existing traditional Prepaid Plan and purchase a new Foundation Scholarship Plan?
Yes.
Is anything changing about my existing traditional Prepaid Plans?
No. Your current Prepaid Plans still offer the same great coverage and flexibility.
Can I still purchase a traditional Prepaid Plan?
Yes. We will continue to offer the same traditional Prepaid Plans that you have purchased as scholarships before. The new Foundation Scholarship Plans offer your organization an additional purchase option to award more scholarships and sooner.
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