TALLAHASSEE -- Carrying out a new law aimed at holding down higher-education costs, the Florida Prepaid College Board on Thursday approved lowering the program's prices and refunding nearly $200 million to about 18,000 families, according to a news release.

The announcement came as prices were set for the 2014-15 open-enrollment period, which starts Oct. 15.

The program, formally known as the Stanley G. Tate Florida Prepaid College Program, is designed to allow families to pay years in advance and lock in the costs of sending students to state colleges or universities.

Lawmakers and Gov. Rick Scott this spring approved a measure that included steps such as putting  back in place a cap on the fund's payments to colleges and universities and rolling back a "differential tuition" law, which allowed university tuition increases of as much as 15 percent a year.

The prepaid program had to take into account the possibility of differential increases, which are now barred at most universities and would be allowed at 6 percent for the University of Florida and Florida State University.

Prices for newly purchased plans will decrease as much as 50 percent from last year, according to the prepaid board.

Families who purchased plans in recent years at higher prices will see their payments reduced or will receive refunds if they are paid in full.

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