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
11/20