Montgomery, AL – The board of Alabama's prepaid college tuition program will pay tuition for the upcoming school year while it works with the Legislature to find a solution to its financial problems.
The board of the Prepaid Affordable College Tuition Plan voted unanimously Wednesday to assure parents that it will keep paying tuition.
It hopes to find a financial solution in the legislative session starting in January.
The program's assets have plunged in value and it now has about half the money it needs to meet its future tuition obligations for the 48,000 participants.
The Legislature ended its 2009 session Friday without providing a financial bailout, but it did ask the state pension fund conduct a detailed study of the program.
(Copyright 2009 by The Associated Press. All Rights Reserved.)