The Mississippi Prepaid Affordable College Tuition Program, closed since the fall of 2012 because of a funding shortfall, will reopen this fall.
The College Savings Plan Board, chaired by state Treasurer Lynn Fitch, decided Monday to reopen the beleaguered MPACT program.
“The board’s decision allows MPACT to remain an option for families in planning for a college education in a fiscally responsible way,” Fitch said.
Fitch said the cost to buy into MPACT will rise, and consumer options will be streamlined. The board will decide the specifics of those changes before the fall enrollment starts.
MPACT, created in 1997 by the Legislature, allows parents and grandparents to pay current tuition levels for their children’s and grandchildren’s higher education in later years.
Even after the board increases costs, Fitch said she believes the program will be a good option for parents looking to plan for a child’s higher education.