Mississippi's prepaid college tuition plan may actually be underfunded by more than $100 million, auditors told the board that oversees it Tuesday.
Actuaries, though, say the plan can be at least partially fixed by charging more for future contracts.
They warned that, if the board doesn't make changes, colleges or the state legislature would have to make up the deficit.
State Treasurer Lynn Fitch, whose office administers the program, told board members she wants to overhaul the program and reopen it.
The board, at Fitch's request, blocked the sale of new contracts during last fall's enrollment period.
Though several board members say they want to reopen the program this fall, Fitch says 2014 is a more likely target.