Fitch Discusses MPACT Program

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Meridian, Miss.
State Treasurer Lynn Fitch says, despite an $82 million shortfall, the Mississippi Prepaid Affordable College Tuition (MPACT) program will re-open to enrollment in a few months.

Fitch stopped in Meridian Wednesday to discuss MPACT which has been closed to new enrollments for 18 months.

The state College Savings Board last week voted to re-open it, despite the funding shortfall.

Fitch says closing it down would have resulted in an additional $60 million deficit:

"We've been through the recession. We've had economic downturns. So certainly, we haven't been able to make the type of investment earnings that we would like to," said Fitch. "When this program started 15 years ago, we were having double-digit interest earnings. "

Fitch says the program will re-open in the fall, but an exact date has not yet been determined.