Today marked the final meeting of the Alabama Pre-paid College Tuition Board before the next legislative session, and it had a lot to get done. Board members admitted there are really only two ways to begin to fix the PACT Plan. One is to change the way it invest their money from high risk to low risk. It will now invest in fixed income instruments such as jumbo CD’s and other investments not dependent on the stock market. They will also need a substantial financial contribution from the legislature.
The more than 45-thousand students who are relying on their parents and grandparents investment in their college education were glad to see that something was finally being done.
More than 100 caravanned to Montgomery to show their support for the program and to demand their contracts be honored. PACT board member and Lt. Governor Jim Folsom say a few bills have already been pre-filed. He is hopeful that one of those will help fund the PACT contracts.
