Open enrollment for Florida's Prepaid Program begins Wednesday morning. This year's prices are the lowest since 2007.

The program allows parents to lock in current tuition prices at Florida universities and state colleges.

Under a new law, yearly tuition increases have been capped at 6 percent, after several years of 15 percent increases.

That has allowed the prepaid program to slash prices.

For instance the cost of a four-year university plan for the family of a newborn is now about $27,000, down from about $53,000.

Broken down into monthly payments that's $173 versus $350.

The longer you delay, the higher the monthly payment becomes.

You can sign up through Feb. 28 of next year. But you can avoid the $50 application fee if you sign up by Dec. 31.

There are several plans available, including two-year and four-year college plans, the university plan, and the extra flexible Florida 529 Savings Plan.

More information can be found on the Florida Prepaid Program website.