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Office of Program Policy Analysis and Government Accountability

Florida Prepaid College Program Is Fiscally Sound; Numerous Options Exist for Mitigating Effects of Large, Sustained Long-Term Tuition Increases, Report No. 03-22, March 2003
 
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  • The Florida Prepaid College Program is the largest in the nation and is fiscally sound, with an actuarial reserve of $379 million at the end of Fiscal Year 2001-02.  At present, no major program changes are needed.  However, the program’s financial stability could be jeopardized by the proposed substantial long-term annual tuition increases.  To address this problem, the Legislature and the Florida Prepaid College Board could consider several options, including adjusting some conservative actuarial assumptions, re-adjusting the investment portfolio, raising contract prices, or discontinuing future sales.
  • If universities are given the authority to raise tuition at their discretion, the Florida Prepaid College Program should consider pricing university tuition plans similarly to community college tuition, local fees, and dormitory plans. 
  • The Florida Prepaid College Program appeals to families at all income levels.  To expand its services to low-income families, the Florida Prepaid College Board and the Legislature could consider a variety of program modifications.

Which Government Program Summaries contain related information?

Florida Prepaid College Program

What other OPPAGA-related materials are available?

  • Report No. 04-54 Information Brief: The State Has Several Options Available When Considering the Funding of Higher Education, published in August 2004.
  • Report No. 04-44 Information Brief: Stronger Financial Incentives Could Encourage Students to Graduate With Fewer Excess Hours, published in June 2004.
  • Report No. 04-33   Progress Report: Prepaid College Program Fiscally Sound, Additional Changes May Be Appropriate, May 2004.

Copies of this report in print or alternate accessible format may be obtained by telephone (850/488-0021), by FAX (850/487-9213), in person, or by mail (OPPAGA Report Production, Claude Pepper Building, Room 312, 111 W. Madison St., Tallahassee, FL 32399-1475).
e-mail address: oppaga@oppaga.fl.gov


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