Montgomery, AL – The Alabama Legislature has approved a bill aimed at restoring a settlement over Alabama's financially troubled prepaid college tuition plan.
The board of the Prepaid Affordable College Tuition plan had reached a settlement to pay tuition at 2010 rates rather than current rates, but the Alabama Supreme Court struck it down in March. The court said the settlement violated a law the Legislature passed in 2010 to provide extra funding to PACT. That law provided for the program to be 100 percent funded.
The Alabama Senate voted 23-3 Thursday to give final approval to a bill to removing the full funding provision. State Treasurer Young Boozer, who oversees the PACT plan, said the legislation will be used to ask the Supreme Court to reconsider its decision.
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