Florida's prepaid tuition plan is going to get cheaper.
Gov. Rick Scott on Monday signed into a law a bill that restricts state universities from being able to raise tuition above the rate set each year by legislators.
The prepaid tuition plan allows parents to lock in the current cost of college. Roughly 100,000 students are attending college on the plans.
The Florida College Prepaid Tuition Board says the new law will bring down the cost of purchasing a four-year university contract for newborns by nearly $20,000 from its current price of $54,000. Monthly payments for the same plan are expected to drop at least $100.
The annual open enrollment period starts in October.
The board also anticipates that approximately 50,000 existing prepaid plans will see refunds or payment reductions.