Prepaid changes take effect with tuition law

Saving for your baby’s university education is going to get a lot cheaper.

Thanks to legislation signed into law by Gov. Rick Scott last week, the Florida Prepaid College Board will be able to lower the cost of its four-year Florida University plan for the first time in five years.

“Because of this law, the prices of university Prepaid Plans will be significantly reduced, helping more Florida families save for their children’s higher education,” Florida Prepaid Board Chair Duane Ottenstroer said in a news release.

Since 1988, Florida Prepaid has allowed parents to lock in on a projected tuition rate set by actuaries for when their children will be in college. More than 1.6 million plans have been purchased since they first went on sale, with more than $ 6.7 billion invested.

About 110,000 students are currently enrolled statewide in the state’s public colleges and universities. The University of Florida had 11,665 students in 2012-13 receiving Florida Prepaid awards totaling $ 36.2 million, said UF spokeswoman…………………continues on Ocala