If you participate in Florida Prepaid College Plans, you may be due a refund. In January, the Florida Prepaid College Board announced lowered Prepaid Plan prices for certain customers, made possible thanks to successive years of lower-than-anticipated tuition and fee increases.

According to the board, 224,000 customers had Prepaid Plan prices lowered by $1.3 billion. The price reductions apply to plans purchased since 2008. Nearly half of those customers have refunds available, totaling more than $500 million. The remaining Plans will have lower monthly payment amounts and consequently may be paid off earlier than anticipated.

A Prepaid Plan allows families to lock in future college costs for less so their child’s college tuition is ready when they need it. For more information and to see if you are due a refund, visit myfloridaprepaid.com/lowprices.