The Mississippi Prepaid Affordable College Tuition Plan is open for business again, but questions remain about its financial stability.
The program was re-opened to new enrollments Monday after an unanimous vote by its board of directors. New enrollments were discontinued in 2012 so the plan’s finances could be audited, which showed its balance sheet in serious disarray.
State Treasurer Lynn Fitch said the plan is $82 million in the red and is in danger of running out of money in less than a decade. By law, the state — and its taxpayers — would be liable to cover the shortfall.