- The board overseeing Alabama's Prepaid Affordable College Tuition program delivered bad news about its financial outlook Wednesday as Actuary Dan Sherman reported that, if it keeps paying full tuition, the board's liabilities will exceed its assets by $605 million and likely run out of money in fall 2015.
- Under the Legislature-created program, parents pay a fixed amount when a child is young so that child can receive four years of full tuition at a state university once they graduate high school.
- After Wednesday's board meeting, board chairman and State Treasurer Young Boozer listened to the concerns of irate parents, who held nothing back as they told of the financial sacrifices they had made to pay into the program and questioned why the money used to start a new scholarship program created by the treasurer couldn't have been used for PACT.
From the article:
MONTGOMERY, Ala. (AP) — The board that oversees Alabama's prepaid college tuition program got more bad news about the plan's financial outlook Wednesday, and the board's chairman got an earful of outrage from frustrated parents who can't plan for their children's education. ...