State College Savings Plan to Reopen Enrollment

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Jackson, Miss. A board has voted unanimously to re-open enrollment this fall in the Mississippi Prepaid Affordable College Tuition program.

The state-backed savings plan had been closed since the fall of 2012 because of concerns about a funding shortfall.

State Treasurer Lynn Fitch says in a news release that when the board voted Monday to reopen enrollment, members agreed new contracts "must be priced appropriately" and not add to the shortfall.

The program is about $82 million short of what it needs to meet all its obligations. If new enrollment were closed permanently, the treasurer's office says the shortfall would rise to $142 million. Fitch says reopening enrollment will reduce the shortfall but not erase it.

She says any changes in future contracts won't affect 21,000 current contract holders.