JACKSONVILLE, Fla. – Gov. Ron DeSantis announced Monday that Florida will lower its prepaid tuition prices for state colleges and universities by $1.3 billion.

He said the reduction benefits 224,000 current customers.

“What that’ll mean is nearly half of the affected families have refunds available right now totaling more than $500 million,” DeSantis said during a news conference in Jacksonville. “The remaining plans will have lower monthly payment amounts and may be paid off earlier than anticipated due to this price reduction.”

Florida Prepaid Chairman John Rood said prices for the 2020 plan year will have the lowest rate in five years, starting at $44 per month for a newborn.

DeSantis said Floridians taking advantage of the prepaid program could receive an average cash refund of $4,700.

“This will enhance Florida’s legacy as a nationwide leader in affordable post-secondary education,” DeSantis said.

DeSantis said Florida has the largest, longest-running and most successful state college prepaid program in the nation.

Rood said open enrollment for 2020 begins Feb. 1 and runs through April. He said the state is waiving the application fee for the month of February.

“The goal of the Florida Prepaid college board has been to empower and support Florida families by making college savings simple and affordable,” Rood said.

To find out if you will receive a refund, click here.