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MPACT future still up in air –...

MPACT future still up in air – Closure would cost more than keeping it open

By: Magnolia Tribune - November 21, 2013

Closure would cost more than keeping it open

It will cost about $83 million to keep the Mississippi Prepaid Affordable College Tuition program open and $143 million to close it, members of the state College Savings Board were told Wednesday.

The MPACT program has been frozen for more than a year for new enrollment, with state officials saying it was financially underwater and investments had tanked. The nine-member College Savings Board met Wednesday and discussed the future of the program, which is backed by Mississippi taxpayers.

The Michigan-based actuary firm Gabriel Roeder Smith & Co., hired to audit and make recommendations, has said it is a good program but needs work. But company officials said Wednesday they don’t believe it is their place to make a recommendation whether to reopen MPACT.

Clarion Ledger

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