State Lawmakers are looking to provide whopping savings for those parents looking to save for their child's college education.
On Tuesday, the Senate Education Committee overwhelmingly passed Senate Bill 732.
It is legislation - that if passed by the legislature and signed by Governor Rick Scott will help to significantly reduce monthly payments for parents who use the state's College Prepaid Program.
So how much savings are we talking about?
Parents would essentially be saving almost $80 per month.
Currently a family enrolling a newborn in a four-year university plan is currently paying $332 a month.
If the Bill passes, the monthly cost would drop to $255 a month.
In addition, families who purchased prepaid plans in recent years after prices increased might actually get a refund! State Lawmakers say some 26,000 families across the state could get some $50 million back from the state.
To provide Florida families with an affordable means to save for their children's future college education, the Florida Legislature created the Florida Prepaid College Program in 1987.
The first Florida Prepaid College Plans were sold in 1988, and were augmented with the addition of the Florida 529 Savings Plan in 2002.
Senate Bill 732 overwhelmingly passed thru the Senate Education Committee. The Bill will now go on the floor of the State Legislature for a general vote. If passed, it will be signed by Governor Rick Scott and will go into effect on July 1st.
For a link to analysis of the Senate Bill, click on this link: http://www.flsenate.gov/Session/Bill/2014/0732/Analyses/2014s0732.pre.ed.PDF
For more information on the College Prepaid Program click on this link: http://www.myfloridaprepaid.com/who-we-are/