Thousands of Florida families with pre-paid tuition plans are going to get refunds or see a drop in their payments.
The board that oversees the state's popular prepaid college plan approved new prices for the upcoming year on Thursday.
Those prices will drop some plans to their lowest levels since 2007. The board also announced that nearly $200 million will be refunded to 18,000 families. More than 22,000 families will see a reduction in their monthly payments.
The price drop is a result of new laws that limit how much state universities can increase tuition each year without legislative approval. Gov. Rick Scott pushed for the change.
The number of families who are getting a payment reduction is less than what was estimated at the time Scott signed the bill.
