December 12, 2013
MONTGOMERY, Ala. (AP) -- A financial expert says the outlook for Alabama's prepaid college tuition plan has turned around since the state's highest court ruled the program can pay tuition at fall 2010 rates rather than current rates.
The CEO of Sherman Actuarial Services, Dan Sherman, told the Prepaid Affordable College Tuition board Wednesday the program has gone from being in serious financial trouble to being in a position where it could have money left when the last student finishes his college eligibility in 2032.
Wednesday's board meeting was the first since the Alabama Supreme Court ruled last month the program could pay tuition at fall 2010 rates. State Treasurer Young Boozer, the board's chairman, says the reduced payments will start with the summer term.