Appendix H - Annual Plan Pricing.pdf

Florida Prepaid College Board 2026-2027 Annual Pricing

Published March 17, 2026

Florida Prepaid College Board 2026-2027 Annual Pricing

Prepared by:

Alan Perry, FSA, CFA, MAAA Principal & Consulting Actuary (Philadelphia)

Matt Larrabee, FSA, EA, MAAA Principal & Consulting Actuary (Portland)

Milliman, Inc.

801 Cassatt Road, Suite 111 Berwyn, PA 19312

1455 SW Broadway, Suite 1600 Portland, OR 97201

Tel (Philadelphia) +1 610 687 5644 Tel (Portland) +1 503 227 0634 milliman.com

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman work product.

801 Cassatt Road, Suite 111 Berwyn, PA 19312

1455 SW Broadway, Suite 1600 Portland, OR 97201

Tel (Philadelphia) +1 610 687 5644 Tel (Portland) +1 503 227 0634 milliman.com

March 17, 2026

1801 Hermitage Blvd., Suite 210 Tallahassee, FL 32308

Dear Members of the Board:

This report presents the 2026-2027 Annual Pricing Analysis to assist the Florida Prepaid College Board in determining plan pricing for the 2026-2027 enrollment period.

Purpose The main purposes of this report are:

• to calculate the actuarial present value of the future tuition, fee, and dormitory benefits under each of the plan types based on current tuition and fee levels and the Board’s assumptions for tuition and fee growth rates, plan usage rates, and the expected yields on investments;

• to apply minimum and maximum price change adjustments provided by the Board to the actuarial present values to limit annual price volatility; and

• to set forth the basis for the actuarial assumptions and methods utilized in the calculations.

Background Milliman was engaged by the Board to assist the Board in developing plan pricing for the 2026-2027 enrollment period. Milliman was provided with current tuition and fee levels, the Board’s assumptions for future growth rates in tuition and fees, plan usage, and investment yields. Milliman calculated plan prices as the discounted present value of expected future plan benefits using the investment yields as discount rates. The Board also provided us with limits on the maximum plan prices relative to the 2025-2026 prices.

Third Party Distribution This report was prepared exclusively for the Florida Prepaid College Board for a specific and limited purpose. It is a complex, technical analysis that assumes a high level of knowledge concerning the Board’s operations, and uses the Board’s data, which Milliman has not audited. It is not for the use or benefit of any third party for any purpose. Any third-party recipient of Milliman's work product who desires professional guidance should not rely upon Milliman's work product but should engage qualified professionals for advice appropriate to its own specific needs.

Reliance In performing this analysis, we relied, without audit, on data, plan provisions and other information (some oral and some in writing) provided by the Board. We have not audited or verified the data and other information. We performed a limited review of the data used in our analysis for reasonableness and consistency and have not found material defects in the data. If the underlying data or information is inaccurate or incomplete, the results of our analysis may likewise be inaccurate or incomplete. It is possible that material defects in the data would be

March 17, 2026

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman work product.

uncovered by a detailed, systematic review and comparison of the data to search for data values that are questionable or for relationships that are materially inconsistent. Such a review was beyond the scope of our assignment.

Variability of Results Future actuarial measurements may differ significantly from the current measurements presented in this analysis due to actual plan experience deviating from the economic and demographic assumptions, and changes in plan provisions, actuarial assumptions, and applicable law. An assessment of the potential range and cost effect of such differences is beyond the scope of this analysis.

Certification We hereby certify that, to the best of our knowledge, this report is complete and accurate and all costs and liabilities were determined in conformance with generally accepted actuarial principles and practices which are consistent with the Actuarial Standards of Practice promulgated by the Actuarial Standards Board and the applicable Guides to Professional Conduct, amplifying Opinions, and supporting recommendations of the American Academy of Actuaries and are based on actuarial assumptions and methods adopted by the Board. We believe that the actuarial assumptions and methods used in this actuarial valuation are reasonable for valuing the benefits provided under the plan.

Qualifications

The consultants who worked on this assignment are actuaries. Milliman’s advice is not intended to be a substitute for qualified legal or accounting counsel. We are members of the American Academy of Actuaries and meet its Qualification Standards to render this actuarial opinion.

Respectfully submitted, By:_______________________________ ______________________________ Alan H. Perry, FSA, CFA Matt Larrabee, FSA, EA Member, American Academy of Actuaries Member, American Academy of Actuaries

AHP/ML/nlo

Milliman

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman work product.

i

Table of Contents

Page

1. Methodology

2. 2026-2027 Tuition, Fees, and Growth Rate Assumptions

3. Adjustments to Limit Price Volatility

4. Investment Yields

5. Benefit Usage

6. Finance Charges

Appendices Appendix A Projected Tuition And Fees

Appendix B Hourly Prices

Appendic C Plan Prices

Appendix D Plan Types

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional

1. Methodology Prices for the different plan types offered are developed by projecting the amount and timing of future benefit payments by plan type and beneficiary age and then discounting them to produce a present value. The Board provided us with current tuition and fee amounts and assumptions regarding their expected growth rates each year in the future. The Board also provided us with assumptions for the expected usage pattern of plan benefits by plan type starting in the projected year of enrollment.

The Board requested that we develop prices for all plan types based on a refined set of three expected usage patterns. The expected usage patterns are shown on page 5.

The Board also requested that we develop prices for each plan type on a per credit hour basis.

To calculate the present values of the projected payouts, the Board provided us with a set of discount rates based on the yields of U.S. Treasury securities and credit spreads measured as of December 31, 2025 that are consistent with the investment strategy associated with the assets supporting these new contracts. These rates vary by maturity to allow for the matching of discount rates and the expected time until payment.

To limit the volatility of year-to-year price changes, the Board applies maximum and minimum changes to plan prices compared to the previous year. We reflected these limits in our calculations.

The Board provided Bundled Plan discounts of $500 for each 30 credit hours on contracts for infant, newborn, and expecting beneficiaries. Discounts for Add-On Plans for infants, newborns, and expecting, other than dormitory, were applied on a pro rata basis. The interest rates for monthly and 84 month payment plans for the discounted plans were reduced.

For the Florida and Nationwide Scholarship prices, no benefits were assumed payable if a contract is cancelled.

Florida and Nationwide Scholarship prices are equal to the Florida Traditional Prepaid Plan 2026-2027 prices reduced pro rata for the number of credit hours expected to be used under these contracts. The infant, newborn, and expecting discounts did not apply to the Scholarship prices.

Payments for all plan types and payment methods are assumed to begin the month after purchased.

As requested, and consistent with the pricing methodology employed in prior years, we did not reflect possible forfeitures or plan administrative expenses in the pricing calculations, except for the Scholarships, where expected forfeitures are reflected.

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional

2. 2026-2027 Tuition, Fees, and Growth Rate Assumptions

The Board develops tuition and fee values based on weighted average amounts charged to Florida Prepaid College Plan customers. The assumed average amounts for 2026-2027 and the Board’s assumptions for future growth are shown in the following table.

1 Credit Assumed Hour Annual Growth

Florida University Tuition Matriculation $105.07 5.25% Financial Aid 5.23 5.25% Capital Improvement Trust Fund 6.40 5.25% Total $116.70 5.25%

Florida College Tuition – Lower Division Matriculation $80.02 6.00% Financial Aid 3.93 6.00% Capital Improvement 10.80 6.00% Total1 $94.75 6.00%

Florida College Tuition – Upper Division Matriculation $91.84 6.00% Financial Aid 4.53 6.00% Capital Improvement 12.93 6.00% Total2 $109.30 6.00%

Florida Univ TDF - Preeminent Universities3 $45.09 6.00% Florida Univ TDF - Non-Preeminent Universities3 $45.09 0.00%

Florida University Local Fees $37.38 5.25% Florida College Local Fees – Lower Division $11.05 6.00% Florida College Local Fees – Upper Division $12.99 6.00%

Assumed 1 Semester Annual Growth

Florida University Dormitory $3,865.80 5.50% 1 Capped at 85% of University Tuition 2 Capped at 95% of University Tuition 3 The annual rate of increase for TDF plans is calculated based on a pro-rata headcount methodology assuming three preeminent State Universities (FSU, UF, and USF). The resulting weighted average inflation rate is 3.00% per annum.

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional

3. Adjustments to Limit Price Volatility Year-to-year changes in tuition, fees, interest rates, and refinements to the Board’s long-term assumptions for tuition and fee inflation may create volatility in plan prices year-over-year. To mitigate price volatility, the Board has implemented the following limitations for 2026-2027 plan pricing:

1. For the Traditional Prepaid prices, the single payment plan price for each plan will be equal to the 2025- 2026 price for the same projected enrollment year. For dormitory plans the prices were then increased by 10%.

2. The 55 month plan was changed to an 84 month plan and is available to beneficiaries in 5th grade or younger.

3. Florida and Nationwide Scholarship prices are equal to the Traditional Prepaid Plan 2026-2027 prices reduced pro rata for the number of credit hours expected to be used under these contracts.

4. Traditional Prepaid prices for infant, newborn and expecting contracts were reduced $500 for each 30 credits hours purchased for contracts that include tuition (prorated for local fee and TDF plans).

5. Prices for infant, newborn and expecting contracts utilize the interest rate for 12th graders for monthly and 84 month payment plans (excluding dormitory contracts).

The application of such price modifications may have an impact on the Actuarial Reserve.

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional

4. Investment Yields The discount rates used to calculate the present value of projected benefit payments are based on the spot rates derived from the December 31, 2025 prices for U.S. Treasury securities plus a spread to reflect the additional yield over the Treasury spot rates expected to be earned by the Program’s investment strategy. The spot rates and the spreads are provided by the Program’s investment consultant, Aon, and are based on an asset allocation of 20% U.S. Treasury securities and 80% corporate bonds.

The following table provides a sample of last year’s and this year’s discount rates at various maturities.

Maturity In

Years

6/30/2025 Spot Rate

Yield

Spread

6/30/2025 Total Yield

12/31/2025 Spot Rate

Yield

Spread

12/31/2025 Total Yield

3 3.80% 0.21% 4.01% 3.67% 0.20% 3.87%

7 4.19% 0.50% 4.69% 4.11% 0.48% 4.59%

10 4.46% 0.70% 5.16% 4.39% 0.67% 5.06%

20 5.02% 0.73% 5.75% 5.04% 0.74% 5.78%

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional

5. Benefit Usage The Board conducted an experience analysis in 2014 to develop assumptions for the usage pattern of plan benefits for each plan type. For the pricing analysis, the Board refined those assumptions by condensing them into three expected usage patterns: 1) expected usage at Florida Universities (tuition, fees, and TDF) and Upper Level Florida Colleges (tuition and fees); 2) expected usage at Lower Level Florida Colleges (tuition and fees);

and 3) expected usage for Dormitory plans. The following table shows the Board’s assumptions for the percentage of total benefits under each of the plans that will be used each year starting in the projected year of enrollment (Duration = 0).

The Board also developed assumptions for benefit usage across the months within each year.

Duration

University/ Upper Level

College Lower Level

College Dormitory 0 12.50% 20.70% 49.16%

1 23.40% 39.20% 28.71%

2 22.90% 17.40% 11.03%

3 22.30% 8.70% 5.67%

4 11.50% 4.80% 2.83%

5 3.50% 3.00% 1.07%

6 1.70% 2.30% 0.61%

7 1.00% 1.40% 0.44%

8 0.70% 1.20% 0.30%

9 0.50% 1.30% 0.18%

Calendar Month

Tuition And Fees Dormitory

January 25.2% 8.9%

February 12.9% 9.4%

March 2.9% 3.3%

April 0.4% 1.5%

May 2.9% 0.9%

June 1.9% 4.0%

Calendar Month

Tuition And Fees Dormitory

July 7.5% 12.5%

August 5.4% 13.9%

September 30.9% 13.3%

October 6.0% 12.6%

November 3.2% 10.2%

December 0.8% 9.5%

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional

In 2019, Milliman conducted a study to assess recently observed usage and cancellation behavior for various contract types over a five-year observation period. As an outcome of that study, Milliman confirmed the reasonableness of the benefit usage assumptions above for purposes of plan pricing. As a measure of conservatism, the Board does not consider cancellation in the plan pricing analysis (except for Scholarships).

Therefore, the assumptions applied in pricing analyses differ from those used in actuarial adequacy analyses.

For Scholarship prices, the usage and cancellation assumptions from the actuarial adequacy report are applied in order to project the number of credit hours expected to be used for benefits. The cancellation assumptions include both pre-matriculation and post-matriculation rates and are those used in the adequacy analysis for the monthly payment option contracts. Nationwide Scholarship prices are equal to the Florida Traditional Prepaid Plan prices reduced pro rata for the number of credit hours expected to be used for benefits under these contracts. This process leads to Scholarship prices that range from approximately 56% to 89% of the Traditional Prepaid Plan prices for the oldest beneficiaries to a range of approximately 29% to 53% of the Traditional Prepaid Plan prices for the youngest beneficiaries. For Florida Scholarship prices, benefits were assumed payable only at Florida public and Florida private institutions with the assumption that 85% of usage will be at these Florida institutions.

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional

6. Finance Charges

The Board provided the age-based rates shown in the following table to be used to determine the financing charges for monthly payment plans. The 6th Grade rate applies to the 84-month payment plan.

* Infant, Newborn and Expecting contracts were provided a promotional rate to encourage saving at an early age. This rate also applies to 84 month payment plans for these three ages.

Age/Grade Monthly

Rate Annual

Rate 12 0.041% 0.49%

11 0.041% 0.49%

10 0.043% 0.52%

9 0.046% 0.55%

8 0.048% 0.58%

7 0.051% 0.61%

6 0.053% 0.64%

5 0.056% 0.67%

4 0.058% 0.70%

3 0.061% 0.73%

2 0.063% 0.76%

1 0.066% 0.79%

K 0.068% 0.82%

Age 4 0.071% 0.85%

Age 3 0.073% 0.88%

Age 2 0.076% 0.91%

Age 1 0.077% 0.93%

Infant * 0.041% 0.49%

Newborn * 0.041% 0.49%

Expecting * 0.041% 0.49%

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional

Appendix A Projected Tuition and Fees

Appendix A-1 Florida Prepaid College Plan

2026 - 2027 Enrollment Period

Projected Hourly Tuition and Fees and Per Semester Dormitory Costs

Academic Year

Florida University

Tuition Florida University

Local Fees

Florida University Tuition Differential

Fee Total

University

Florida University Dormitory

2026 - 2027 $116.70 $37.38 $45.09 $199.17 $3,865.80 2027 - 2028 122.83 39.34 46.44 208.61 4,078.42 2028 - 2029 129.28 41.41 47.84 218.52 4,302.73 2029 - 2030 136.06 43.58 49.27 228.92 4,539.38 2030 - 2031 143.21 45.87 50.75 239.82 4,789.05 2031 - 2032 150.72 48.28 52.27 251.27 5,052.45 2032 - 2033 158.64 50.81 53.84 263.29 5,330.33 2033 - 2034 166.97 53.48 55.46 275.90 5,623.50 2034 - 2035 175.73 56.29 57.12 289.14 5,932.79 2035 - 2036 184.96 59.24 58.83 303.03 6,259.09 2036 - 2037 194.67 62.35 60.60 317.62 6,603.34 2037 - 2038 204.89 65.63 62.42 332.93 6,966.53 2038 - 2039 215.64 69.07 64.29 349.00 7,349.69 2039 - 2040 226.96 72.70 66.22 365.88 7,753.92 2040 - 2041 238.88 76.52 68.20 383.60 8,180.39 2041 - 2042 251.42 80.53 70.25 402.20 8,630.31 2042 - 2043 264.62 84.76 72.36 421.74 9,104.97 2043 - 2044 278.51 89.21 74.53 442.25 9,605.75 2044 - 2045 293.14 93.89 76.76 463.79 10,134.06 2045 - 2046 308.53 98.82 79.07 486.41 10,691.44 2046 - 2047 324.72 104.01 81.44 510.17 11,279.47 2047 - 2048 341.77 109.47 83.88 535.12 11,899.84 2048 - 2049 359.71 115.22 86.40 561.33 12,554.33 2049 - 2050 378.60 121.27 88.99 588.86 13,244.82 2050 - 2051 398.48 127.64 91.66 617.77 13,973.28 2051 - 2052 419.40 134.34 94.41 648.14 14,741.81 2052 - 2053 441.41 141.39 97.24 680.04 15,552.61 2053 - 2054 464.59 148.81 100.16 713.56 16,408.01 2054 - 2055 488.98 156.62 103.16 748.77 17,310.45

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional

Appendix A-2

2026 – 2027 Enrollment Period

Projected Hourly Tuition and Local Fees

Academic Year

Lower Division Florida College

Tuition

Lower Division Florida College

Local Fees

Total Lower Division Florida College

Upper Division Florida College Tuition

Upper Division Florida College

Local Fees

Total Upper Division Florida College

2026 - 2027 $94.75 $11.05 $105.80 $109.30 $12.99 $122.29 2027 - 2028 100.44 11.71 112.15 115.86 13.77 129.63 2028 - 2029 106.46 12.42 118.88 122.81 14.60 137.41 2029 - 2030 112.85 13.16 126.01 129.26 15.47 144.73 2030 - 2031 119.62 13.95 133.57 136.05 16.40 152.44 2031 - 2032 126.80 14.79 141.58 143.19 17.38 160.57 2032 - 2033 134.40 15.67 150.08 150.70 18.43 169.13 2033 - 2034 141.92 16.62 158.54 158.62 19.53 178.15 2034 - 2035 149.37 17.61 166.98 166.94 20.70 187.65 2035 - 2036 157.21 18.67 175.88 175.71 21.95 197.66 2036 - 2037 165.47 19.79 185.26 184.93 23.26 208.20 2037 - 2038 174.15 20.98 195.13 194.64 24.66 219.30 2038 - 2039 183.30 22.23 205.53 204.86 26.14 231.00 2039 - 2040 192.92 23.57 216.49 215.62 27.71 243.32 2040 - 2041 203.05 24.98 228.03 226.94 29.37 256.31 2041 - 2042 213.71 26.48 240.19 238.85 31.13 269.98 2042 - 2043 224.93 28.07 253.00 251.39 33.00 284.39 2043 - 2044 236.74 29.76 266.49 264.59 34.98 299.57 2044 - 2045 249.17 31.54 280.71 278.48 37.08 315.56 2045 - 2046 262.25 33.43 295.68 293.10 39.30 332.40 2046 - 2047 276.01 35.44 311.45 308.49 41.66 350.15 2047 - 2048 290.51 37.57 328.07 324.68 44.16 368.84 2048 - 2049 305.76 39.82 345.58 341.73 46.81 388.54 2049 - 2050 321.81 42.21 364.02 359.67 49.62 409.29 2050 - 2051 338.70 44.74 383.44 378.55 52.60 431.15 2051 - 2052 356.49 47.43 403.91 398.43 55.75 454.18 2052 - 2053 375.20 50.27 425.47 419.34 59.10 478.44 2053 - 2054 394.90 53.29 448.19 441.36 62.64 504.00 2054 - 2055 415.63 56.48 472.12 464.53 66.40 530.93

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional

Appendix B Hourly Prices

Appendix B-1

2026 - 2027 Enrollment Period

Hourly Price for Tuition and Fees and Semester Price for Dormitory

Projected Enrollment Year

Florida University

Tuition Florida University

Local Fees

Florida University Tuition Differential

Fee Total

University

Florida University Dormitory

2027 $127.23 $41.51 $45.06 $213.80 $3,854.57 2028 $127.96 $41.91 $45.06 $214.93 $3,854.57 2029 $128.59 $42.29 $45.06 $215.94 $3,854.57 2030 $129.18 $42.65 $45.06 $216.89 $3,862.65 2031 $129.78 $43.01 $45.06 $217.85 $3,892.80 2032 $130.42 $43.39 $45.06 $218.87 $3,910.91 2033 $131.16 $43.79 $45.06 $220.01 $3,949.18 2034 $132.00 $44.21 $45.06 $221.27 $3,961.30 2035 $132.89 $44.65 $45.06 $222.60 $3,958.89 2036 $133.85 $45.10 $45.06 $224.01 $3,980.50 2037 $134.83 $45.55 $45.06 $225.44 $4,016.49 2038 $135.78 $46.01 $45.06 $226.85 $4,014.78 2039 $136.64 $46.45 $45.06 $228.15 $4,013.32 2040 $136.64 $46.45 $45.06 $228.15 $4,013.43 2041 $136.62 $46.43 $45.06 $228.11 $4,013.83 2042 $136.62 $46.43 $45.06 $228.11 $4,013.83 2043 $136.62 $46.43 $45.06 $228.11 $4,013.83 2044 $126.64 $43.04 $41.77 $211.45 $4,013.83 2045 $126.64 $43.04 $41.77 $211.45 $4,013.83 2046 $126.64 $43.04 $41.77 $211.45 $4,013.83

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional

Appendix B-2

2026 – 2027 Enrollment Period

Hourly Prices for Tuition and Local Fees

Projected Enrollment Year

Lower Division Florida College

Tuition

Lower Division Florida College

Local Fees

Total Lower Division Florida College

Upper Division Florida College Tuition

Upper Division Florida College

Local Fees

Total Upper Division Florida College

2027 $109.18 $12.88 $122.06 $125.38 $15.05 $140.43 2028 $110.56 $13.10 $123.66 $126.47 $15.27 $141.74 2029 $111.73 $13.31 $125.04 $127.53 $15.50 $143.03 2030 $112.87 $13.38 $126.25 $128.59 $15.75 $144.34 2031 $113.96 $13.48 $127.44 $129.72 $15.99 $145.71 2032 $115.07 $13.56 $128.63 $130.94 $16.26 $147.20 2033 $116.31 $13.55 $129.86 $132.25 $16.53 $148.78 2034 $117.58 $13.58 $131.16 $133.61 $16.83 $150.44 2035 $118.87 $13.68 $132.55 $134.92 $17.12 $152.04 2036 $119.54 $13.79 $133.33 $136.85 $17.49 $154.34 2037 $120.07 $13.78 $133.85 $139.07 $17.89 $156.96 2038 $120.67 $13.77 $134.44 $139.30 $18.04 $157.34 2039 $121.29 $13.76 $135.05 $138.62 $18.09 $156.71 2040 $121.30 $13.76 $135.06 $138.48 $18.21 $156.69 2041 $121.28 $13.75 $135.03 $138.32 $18.31 $156.63 2042 $121.28 $13.75 $135.03 $138.21 $18.42 $156.63 2043 $121.28 $13.75 $135.03 $138.09 $18.54 $156.63 2044 $106.32 $12.05 $118.37 $123.30 $16.67 $139.97 2045 $106.32 $12.05 $118.37 $123.20 $16.77 $139.97 2046 $106.32 $12.05 $118.37 $123.08 $16.89 $139.97

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional

Appendix C Plan Prices Appendix C-1

4-Year Florida University Plan

Price Schedule for 2026-2027 Enrollment

7-Year Projected Single Monthly (84 Month)

Current Enrollment Florida Nationwide Traditional Payment Payment Grade / Age Year Scholarship Scholarship Prepaid Plan Plan

12 2027 $16,413.38 $19,309.86 $25,655.98 $3,671.12

11 2028 $16,093.23 $18,933.22 $25,792.14 $1,363.02

10 2029 $13,597.17 $15,996.67 $25,912.82 $841.69

9 2030 $13,028.41 $15,327.54 $26,026.66 $611.38

8 2031 $12,625.56 $14,853.60 $26,142.15 $481.76

7 2032 $12,341.81 $14,519.78 $26,264.48 $398.80

6 2033 $12,251.17 $14,413.14 $26,401.60 $341.36

5 2034 $12,165.32 $14,312.14 $26,552.71 $299.32 $323.30 4 2035 $12,081.21 $14,213.19 $26,711.58 $267.25 $325.23 3 2036 $11,999.87 $14,117.50 $26,880.84 $242.06 $327.30 2 2037 $11,917.71 $14,020.83 $27,052.74 $221.73 $329.39 1 2038 $11,832.62 $13,920.73 $27,222.57 $204.97 $331.46 K 2039 $11,739.42 $13,811.08 $27,378.12 $190.85 $333.35

Age 4 2040 $11,578.76 $13,622.07 $27,378.49 $177.87 $333.35 Age 3 2041 $11,415.85 $13,430.42 $27,373.47 $166.69 $333.29 Age 2 2042 $11,255.07 $13,241.26 $27,373.47 $157.02 $333.29 Age 1 2043 $11,094.28 $13,052.09 $27,373.47 $148.44 $333.29 Infant 2044 $10,933.49 $12,862.93 $25,373.47 $125.52 $307.32

Newborn 2045 $10,486.86 $12,337.49 $25,373.47 $119.05 $307.32 Expecting 2046 $9,986.64 $11,748.99 $25,373.47 $113.25 $307.32

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional

Appendix C-2

1-Year Florida University Plan

Current Enrollment Florida Nationwide Traditional Payment Payment Grade / Age Year Scholarship Scholarship Prepaid Plan Plan

12 2027 $4,853.83 $5,710.38 $6,436.82 $921.04

11 2028 $4,755.43 $5,594.62 $6,465.92 $341.70

10 2029 $4,016.35 $4,725.12 $6,493.74 $210.93

9 2030 $3,845.97 $4,524.67 $6,518.23 $153.12

8 2031 $3,726.69 $4,384.34 $6,546.52 $120.64

7 2032 $3,643.00 $4,285.88 $6,577.26 $99.87

6 2033 $3,618.20 $4,256.70 $6,615.18 $85.53

5 2034 $3,597.72 $4,232.61 $6,662.06 $75.10 $81.12 4 2035 $3,570.34 $4,200.40 $6,697.23 $67.01 $81.54 3 2036 $3,546.05 $4,171.82 $6,739.18 $60.69 $82.05 2 2037 $3,524.55 $4,146.53 $6,787.64 $55.63 $82.64 1 2038 $3,501.53 $4,119.45 $6,834.44 $51.46 $83.21 K 2039 $3,462.18 $4,073.15 $6,850.20 $47.75 $83.41

Age 4 2040 $3,414.80 $4,017.41 $6,850.29 $44.50 $83.41 Age 3 2041 $3,366.75 $3,960.88 $6,849.03 $41.71 $83.39 Age 2 2042 $3,319.33 $3,905.10 $6,849.03 $39.29 $83.39 Age 1 2043 $3,271.91 $3,849.31 $6,849.03 $37.14 $83.39 Infant 2044 $3,224.49 $3,793.52 $6,349.03 $31.41 $76.90

Newborn 2045 $3,092.77 $3,638.56 $6,349.03 $29.79 $76.90 Expecting 2046 $2,945.25 $3,465.00 $6,349.03 $28.34 $76.90

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional

Appendix C-3

2 + 2 Florida Plan

Current Enrollment Florida Nationwide Traditional Payment Payment Grade / Age Year Scholarship Scholarship Prepaid Plan Plan

12 2027 $11,337.65 $13,338.41 $20,252.89 $2,897.99

11 2028 $11,140.47 $13,106.43 $20,404.26 $1,078.29

10 2029 $9,431.97 $11,096.43 $20,541.96 $667.24

9 2030 $9,054.19 $10,651.98 $20,670.44 $485.56

8 2031 $8,792.33 $10,343.91 $20,805.00 $383.40

7 2032 $8,613.63 $10,133.68 $20,948.32 $318.08

6 2033 $8,569.01 $10,081.19 $21,103.62 $272.86

5 2034 $8,526.17 $10,030.78 $21,267.30 $239.74 $258.95 4 2035 $8,481.22 $9,977.90 $21,429.93 $214.41 $260.93 3 2036 $8,438.43 $9,927.56 $21,602.35 $194.53 $263.03 2 2037 $8,394.88 $9,876.32 $21,777.41 $178.49 $265.16 1 2038 $8,328.86 $9,798.65 $21,898.12 $164.88 $266.63 K 2039 $8,227.67 $9,679.61 $21,928.42 $152.86 $267.00

Age 4 2040 $8,115.19 $9,547.28 $21,929.03 $142.47 $267.00 Age 3 2041 $8,000.96 $9,412.90 $21,924.87 $133.51 $266.95 Age 2 2042 $7,888.27 $9,280.32 $21,924.87 $125.76 $266.95 Age 1 2043 $7,775.58 $9,147.74 $21,924.87 $118.89 $266.95 Infant 2044 $7,662.89 $9,015.17 $19,924.87 $98.57 $241.33

Newborn 2045 $7,349.87 $8,646.90 $19,924.87 $93.49 $241.33 Expecting 2046 $6,999.28 $8,234.44 $19,924.87 $88.93 $241.33

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional

Appendix C-4

4-Year Florida College Plan

Current Enrollment Florida Nationwide Traditional Payment Payment Grade / Age Year Scholarship Scholarship Prepaid Plan Plan

12 2027 $9,018.03 $10,609.45 $15,749.91 $2,253.66

11 2028 $8,892.56 $10,461.84 $15,923.80 $841.51

10 2029 $7,553.71 $8,886.72 $16,084.31 $522.45

9 2030 $7,273.68 $8,557.27 $16,235.16 $381.37

8 2031 $7,084.10 $8,334.24 $16,388.95 $302.02

7 2032 $6,960.06 $8,188.30 $16,549.25 $251.28

6 2033 $6,943.38 $8,168.68 $16,718.57 $216.16

5 2034 $6,928.20 $8,150.82 $16,895.89 $190.46 $205.72 4 2035 $6,911.99 $8,131.76 $17,075.29 $170.84 $207.91 3 2036 $6,896.13 $8,113.10 $17,260.27 $155.43 $210.16 2 2037 $6,879.50 $8,093.53 $17,448.21 $143.01 $212.45 1 2038 $6,810.69 $8,012.58 $17,507.13 $131.82 $213.16 K 2039 $6,718.10 $7,903.65 $17,505.69 $122.03 $213.15

Age 4 2040 $6,625.76 $7,795.02 $17,504.87 $113.72 $213.14 Age 3 2041 $6,531.91 $7,684.60 $17,499.97 $106.56 $213.08 Age 2 2042 $6,439.91 $7,576.37 $17,499.97 $100.38 $213.08 Age 1 2043 $6,347.91 $7,468.13 $17,499.97 $94.90 $213.08 Infant 2044 $6,255.91 $7,359.90 $15,499.97 $76.68 $187.74

Newborn 2045 $6,000.36 $7,059.25 $15,499.97 $72.73 $187.74 Expecting 2046 $5,714.14 $6,722.52 $15,499.97 $69.18 $187.74

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional

Appendix C-5

2-Year Florida College Plan

Current Enrollment Florida Nationwide Traditional Payment Payment Grade / Age Year Scholarship Scholarship Prepaid Plan Plan

12 2027 $4,303.94 $5,063.46 $7,323.89 $1,047.98

11 2028 $4,252.60 $5,003.05 $7,419.64 $392.10

10 2029 $3,616.27 $4,254.43 $7,502.59 $243.70

9 2030 $3,483.14 $4,097.81 $7,574.99 $177.94

8 2031 $3,392.15 $3,990.77 $7,646.29 $140.91

7 2032 $3,331.21 $3,919.07 $7,717.50 $117.18

6 2033 $3,321.14 $3,907.22 $7,791.56 $100.74

5 2034 $3,311.93 $3,896.39 $7,869.58 $88.71 $95.82 4 2035 $3,304.17 $3,887.26 $7,953.10 $79.57 $96.84 3 2036 $3,280.37 $3,859.26 $7,999.71 $72.04 $97.40 2 2037 $3,249.78 $3,823.27 $8,030.76 $65.82 $97.78 1 2038 $3,220.71 $3,789.07 $8,066.48 $60.74 $98.22 K 2039 $3,191.66 $3,754.90 $8,103.24 $56.49 $98.66

Age 4 2040 $3,148.11 $3,703.65 $8,103.66 $52.65 $98.67 Age 3 2041 $3,103.75 $3,651.47 $8,102.02 $49.34 $98.65 Age 2 2042 $3,060.04 $3,600.05 $8,102.02 $46.47 $98.65 Age 1 2043 $3,016.32 $3,548.62 $8,102.02 $43.94 $98.65 Infant 2044 $2,972.61 $3,497.19 $7,102.02 $35.13 $86.02

Newborn 2045 $2,851.18 $3,354.33 $7,102.02 $33.32 $86.02 Expecting 2046 $2,715.18 $3,194.33 $7,102.02 $31.70 $86.02

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional

Appendix C-6

1-Year Florida College Plan

Current Enrollment Florida Nationwide Traditional Payment Payment Grade / Age Year Scholarship Scholarship Prepaid Plan Plan

12 2027 $2,151.97 $2,531.73 $3,661.95 $523.99

11 2028 $2,126.30 $2,501.53 $3,709.82 $196.05

10 2029 $1,808.13 $2,127.21 $3,751.29 $121.85

9 2030 $1,741.57 $2,048.91 $3,787.50 $88.97

8 2031 $1,696.07 $1,995.38 $3,823.14 $70.45

7 2032 $1,665.61 $1,959.54 $3,858.76 $58.59

6 2033 $1,660.57 $1,953.61 $3,895.78 $50.37

5 2034 $1,655.97 $1,948.20 $3,934.79 $44.36 $47.91

4 2035 $1,652.08 $1,943.63 $3,976.54 $39.79 $48.42

3 2036 $1,640.18 $1,929.63 $3,999.85 $36.02 $48.70

2 2037 $1,624.88 $1,911.63 $4,015.37 $32.91 $48.89

1 2038 $1,610.35 $1,894.53 $4,033.24 $30.37 $49.11

K 2039 $1,595.83 $1,877.45 $4,051.62 $28.24 $49.33

Age 4 2040 $1,574.05 $1,851.83 $4,051.83 $26.32 $49.33

Age 3 2041 $1,551.88 $1,825.74 $4,051.01 $24.67 $49.32

Age 2 2042 $1,530.02 $1,800.02 $4,051.01 $23.24 $49.32

Age 1 2043 $1,508.16 $1,774.31 $4,051.01 $21.97 $49.32

Infant 2044 $1,486.30 $1,748.59 $3,551.01 $17.57 $43.01

Newborn 2045 $1,425.59 $1,677.16 $3,551.01 $16.66 $43.01

Expecting 2046 $1,357.59 $1,597.16 $3,551.01 $15.85 $43.01

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional

Appendix C-7

2-Year Florida FPCF Plan

Current Enrollment Florida Nationwide Traditional Payment Payment Grade / Age Year Scholarship Scholarship Prepaid Plan Plan

12 2027 $5,164.73 $6,076.15 $8,788.67 $1,257.57

11 2028 $5,103.12 $6,003.66 $8,903.57 $470.52

10 2029 $4,339.52 $5,105.32 $9,003.11 $292.44

9 2030 $4,179.77 $4,917.37 $9,089.99 $213.53

8 2031 $4,070.58 $4,788.92 $9,175.55 $169.09

7 2032 $3,997.45 $4,702.88 $9,261.00 $140.62

6 2033 $3,985.37 $4,688.66 $9,349.87 $120.89

5 2034 $3,974.32 $4,675.67 $9,443.50 $106.45 $114.98 4 2035 $3,965.00 $4,664.71 $9,543.72 $95.49 $116.20 3 2036 $3,936.44 $4,631.11 $9,599.65 $86.44 $116.88 2 2037 $3,899.74 $4,587.92 $9,636.91 $78.99 $117.34 1 2038 $3,864.85 $4,546.88 $9,679.78 $72.88 $117.86 K 2039 $3,829.99 $4,505.88 $9,723.89 $67.79 $118.40

Age 4 2040 $3,777.73 $4,444.38 $9,724.39 $63.18 $118.40 Age 3 2041 $3,724.50 $4,381.76 $9,722.42 $59.20 $118.38 Age 2 2042 $3,672.05 $4,320.06 $9,722.42 $55.77 $118.38 Age 1 2043 $3,619.58 $4,258.34 $9,722.42 $52.72 $118.38 Infant 2044 $3,567.13 $4,196.63 $8,722.42 $43.15 $105.65

Newborn 2045 $3,421.42 $4,025.20 $8,722.42 $40.93 $105.65 Expecting 2046 $3,258.22 $3,833.20 $8,722.42 $38.93 $105.65

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional

Appendix C-8

4-Yr University TDF Plan

Current Enrollment Traditional Payment Payment Grade / Age Year Prepaid Plan Plan

12 2027 $5,407.20 $773.72

11 2028 $5,407.20 $285.75

10 2029 $5,407.20 $175.63

9 2030 $5,407.20 $127.02

8 2031 $5,407.20 $99.65

7 2032 $5,407.20 $82.10

6 2033 $5,407.20 $69.91

5 2034 $5,407.20 $60.95 $65.84 4 2035 $5,407.20 $54.10 $65.84 3 2036 $5,407.20 $48.69 $65.84 2 2037 $5,407.20 $44.32 $65.84 1 2038 $5,407.20 $40.71 $65.84 K 2039 $5,407.20 $37.69 $65.84

Age 4 2040 $5,407.20 $35.13 $65.84 Age 3 2041 $5,407.20 $32.93 $65.84 Age 2 2042 $5,407.20 $31.02 $65.84 Age 1 2043 $5,407.20 $29.32 $65.84 Infant 2044 $5,012.13 $24.79 $60.71

Newborn 2045 $5,012.13 $23.52 $60.71 Expecting 2046 $5,012.13 $22.37 $60.71

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional

Appendix C-9

2 + 2 TDF Plan

Current Enrollment Traditional Payment Payment Grade / Age Year Prepaid Plan Plan

12 2027 $2,703.60 $386.86

11 2028 $2,703.60 $142.88

10 2029 $2,703.60 $87.82

9 2030 $2,703.60 $63.51

8 2031 $2,703.60 $49.82

7 2032 $2,703.60 $41.05

6 2033 $2,703.60 $34.96

5 2034 $2,703.60 $30.48 $32.92 4 2035 $2,703.60 $27.05 $32.92 3 2036 $2,703.60 $24.35 $32.92 2 2037 $2,703.60 $22.16 $32.92 1 2038 $2,703.60 $20.36 $32.92 K 2039 $2,703.60 $18.85 $32.92

Age 4 2040 $2,703.60 $17.56 $32.92 Age 3 2041 $2,703.60 $16.46 $32.92 Age 2 2042 $2,703.60 $15.51 $32.92 Age 1 2043 $2,703.60 $14.66 $32.92 Infant 2044 $2,506.06 $12.40 $30.35

Newborn 2045 $2,506.06 $11.76 $30.35 Expecting 2046 $2,506.06 $11.18 $30.35

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional

Appendix C-10

4-Yr University Local Fee Plan

Current Enrollment Traditional Payment Payment Grade / Age Year Prepaid Plan Plan

12 2027 $4,981.17 $712.76

11 2028 $5,029.22 $265.78

10 2029 $5,074.20 $164.82

9 2030 $5,117.77 $120.22

8 2031 $5,161.60 $95.12

7 2032 $5,206.68 $79.06

6 2033 $5,254.63 $67.94

5 2034 $5,305.31 $59.81 $64.60 4 2035 $5,357.48 $53.60 $65.23 3 2036 $5,411.71 $48.73 $65.89 2 2037 $5,466.50 $44.80 $66.56 1 2038 $5,520.86 $41.57 $67.22 K 2039 $5,574.01 $38.86 $67.87

Age 4 2040 $5,573.52 $36.21 $67.86 Age 3 2041 $5,571.86 $33.93 $67.84 Age 2 2042 $5,571.86 $31.96 $67.84 Age 1 2043 $5,571.86 $30.22 $67.84 Infant 2044 $5,164.78 $25.55 $62.56

Newborn 2045 $5,164.78 $24.23 $62.56 Expecting 2046 $5,164.78 $23.05 $62.56

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional

Appendix C-11

2 + 2 Local Fee Plan

Current Enrollment Traditional Payment Payment Grade / Age Year Prepaid Plan Plan

12 2027 $3,303.86 $472.75

11 2028 $3,338.93 $176.45

10 2029 $3,373.29 $109.57

9 2030 $3,407.70 $80.05

8 2031 $3,443.78 $63.46

7 2032 $3,481.54 $52.86

6 2033 $3,521.52 $45.53

5 2034 $3,562.69 $40.16 $43.38 4 2035 $3,603.05 $36.05 $43.87 3 2036 $3,645.84 $32.83 $44.39 2 2037 $3,689.09 $30.24 $44.92 1 2038 $3,730.98 $28.09 $45.43 K 2039 $3,771.22 $26.29 $45.92

Age 4 2040 $3,770.72 $24.50 $45.91 Age 3 2041 $3,769.37 $22.95 $45.90 Age 2 2042 $3,769.37 $21.62 $45.90 Age 1 2043 $3,769.37 $20.44 $45.90 Infant 2044 $3,437.93 $17.01 $41.64

Newborn 2045 $3,437.93 $16.13 $41.64 Expecting 2046 $3,437.93 $15.34 $41.64

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional

Appendix C-12

2-Yr Florida College Local Fee Plan

Current Enrollment Traditional Payment Payment Grade / Age Year Prepaid Plan Plan

12 2027 $772.74 $110.57

11 2028 $786.22 $41.55

10 2029 $798.30 $25.93

9 2030 $803.03 $18.86

8 2031 $808.62 $14.90

7 2032 $813.60 $12.35

6 2033 $813.04 $10.51

5 2034 $814.82 $9.19 $9.92 4 2035 $821.02 $8.21 $10.00 3 2036 $827.34 $7.45 $10.07 2 2037 $826.77 $6.78 $10.07 1 2038 $826.18 $6.22 $10.06 K 2039 $825.75 $5.76 $10.05

Age 4 2040 $825.49 $5.36 $10.05 Age 3 2041 $824.97 $5.02 $10.04 Age 2 2042 $824.97 $4.73 $10.04 Age 1 2043 $824.97 $4.47 $10.04 Infant 2044 $723.14 $3.58 $8.76

Newborn 2045 $723.14 $3.39 $8.76 Expecting 2046 $723.14 $3.23 $8.76

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional

Appendix C-13

2-Yr FPCF Local Fee Plan

Current Enrollment Traditional Payment Payment Grade / Age Year Prepaid Plan Plan

12 2027 $927.29 $132.69

11 2028 $943.46 $49.86

10 2029 $957.96 $31.12

9 2030 $963.64 $22.64

8 2031 $970.34 $17.88

7 2032 $976.32 $14.82

6 2033 $975.65 $12.61

5 2034 $977.78 $11.02 $11.91 4 2035 $985.22 $9.86 $12.00 3 2036 $992.81 $8.94 $12.09 2 2037 $992.12 $8.13 $12.08 1 2038 $991.42 $7.46 $12.07 K 2039 $990.90 $6.91 $12.06

Age 4 2040 $990.59 $6.44 $12.06 Age 3 2041 $989.96 $6.03 $12.05 Age 2 2042 $989.96 $5.68 $12.05 Age 1 2043 $989.96 $5.37 $12.05 Infant 2044 $888.13 $4.39 $10.76

Newborn 2045 $888.13 $4.17 $10.76 Expecting 2046 $888.13 $3.96 $10.76

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional

Appendix C-14

Dormitory Plan One Year

Current Enrollment Florida Nationwide Traditional Payment Payment Grade / Age Year Scholarship Scholarship Prepaid Plan Plan

12 2027 $3,695.57 $4,347.73 $7,709.13 $1,103.10

11 2028 $3,566.97 $4,196.43 $7,709.13 $407.40

10 2029 $2,827.26 $3,326.20 $7,709.13 $250.41

9 2030 $2,677.36 $3,149.83 $7,725.30 $181.47

8 2031 $2,585.48 $3,041.75 $7,785.60 $143.48

7 2032 $2,508.51 $2,951.18 $7,821.83 $118.77

6 2033 $2,496.29 $2,936.80 $7,898.36 $102.12

5 2034 $2,467.06 $2,902.43 $7,922.61 $89.31 $96.46 4 2035 $2,428.70 $2,857.29 $7,917.79 $79.22 $96.41 3 2036 $2,404.90 $2,829.29 $7,961.00 $71.69 $96.93 2 2037 $2,389.24 $2,810.87 $8,032.98 $65.84 $97.81 1 2038 $2,350.84 $2,765.70 $8,029.56 $60.46 $97.77 K 2039 $2,312.62 $2,720.73 $8,026.63 $55.95 $97.73

Age 4 2040 $2,275.32 $2,676.84 $8,026.85 $52.15 $97.73 Age 3 2041 $2,238.17 $2,633.15 $8,027.67 $48.88 $97.74 Age 2 2042 $2,200.80 $2,589.18 $8,027.67 $46.05 $97.74 Age 1 2043 $2,163.43 $2,545.21 $8,027.67 $43.53 $97.74 Infant 2044 $2,126.06 $2,501.25 $8,027.67 $41.35 $97.74

Newborn 2045 $1,964.11 $2,310.72 $8,027.67 $39.41 $97.74 Expecting 2046 $1,681.75 $1,978.53 $8,027.67 $37.58 $97.74

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional

Appendix D Plan Types

The Florida Prepaid College Board offers seven different Bundled Plans – six to private purchasers and one additional Plan to Foundation purchasers. The Board offers seven Add-On plans – six to private purchasers and one additional Plan to Foundation purchasers. A Plan may be purchased only for a beneficiary who is under the age of 21 on the first day of the enrollment period and has not completed the 11th grade.

The Bundled Plans are:

4-Year Florida University Plan Registration Fees, Tuition Differential Fee, and Local Fees for 120 credit hours at a State University in Florida

1-Year Florida University Plan Registration Fees, Tuition Differential Fee, and Local Fees for 30 credit hours at a State University in Florida

2 + 2 Florida Plan Registration Fees and Local Fees for 60 lower division semester credit hours at a Florida College; and Registration Fees, Tuition Differential Fee, and Local Fees for 60 credit hours at a State University in Florida

4-Year Florida College Plan Registration Fees and Local Fees for 60 lower division semester credit hours at a Florida College; and Registration Fees and Local Fees for 60 upper division semester credit hours at a Florida College

2-Year Florida College Plan Registration Fees and Local Fees for 60 lower division semester credit hours at a Florida College

1-Year Florida College Plan Registration Fees and Local Fees for 30 lower division semester credit hours at a Florida College

2-Year Florida FPCF Plan Registration Fees and Local Fees for 72 lower division semester credit hours at a Florida College

This work product was prepared solely for the Florida Prepaid College Board for the purposes described herein and may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that third parties be aided by their own actuary or other qualified professional

The Add-On Plans are:

4-Yr University TDF Plan Tuition Differential Fee for 120 semester credit hours at a State University in Florida

2 + 2 TDF Plan Tuition Differential Fee for 60 semester credit hours at a State University in Florida

4-Yr University Local Fee Plan Local Fees for 120 semester credit hours at a State University in Florida

2 + 2 Local Fee Plan Local Fees for 60 lower division semester credit hours at a Florida College; and Local Fees for 60 semester credit hours at a State University in Florida

2-Yr FL College Local Fee Plan Local Fees for 60 lower division semester credit hours at a Florida College

2-Year FL FPCF Local Fee Plan Local Fees for 72 lower division semester credit hours at a Florida College

1-Year Dormitory Plan 2 semesters in double occupancy dormitory room specified by the State University in Florida at which the beneficiary is enrolled

Payment Options

Plans may be paid for by:

• A single lump sum payment; or

• 84 equal monthly payments; or

• A schedule of equal monthly payments ending in the expected year of matriculation

Appendix D Plan Types