This year, costs of Florida Prepaid College plans have dropped by nearly 50 percent.
The cost for a 4-Year Florida University Plan has decreased from $53,729 to $27,379, making this year's prices the lowest since 2007. Florida Prepaid's annual open enrollment period started Wednesday and will last until Feb. 28.
"We're very excited about this because we think that it will definitely open up the door for many more families to start saving this year," said Shannon Colavecchio, Florida College Board spokeswoman.
Families enrolled in the prepaid program between 2008 and 2014 can also get reduced monthly payments or receive refunds if their plans are paid in full, according to a press release. About $200 million will be refunded to 18,000 families. Application fees will also be waived for plans bought by the end of this year.
Florida Prepaid was able to lower plan prices in response to legislation passed this year that limits the future increase of tuition prices.
House Bill 851, which went into effect July 1, limits the increase of tuition prices in the future, which is factored into changes to the plans.
"With this change in law, we are able to reinforce and continue our mission to provide Floridians with affordable college savings options,"Board Chairman Duane Ottenstroer said in a press release.
Florida Prepaid will also offer a new 1-Year Florida University Plan starting at $43 per month, which allows families to pay one year at a time for education at a state university.
Robyn Smith contributed to this article.