HB171 Alabama 2013 Session

Summary

Primary Sponsor

Craig Ford

Independent

Session

Regular Session 2013

Title

Prepaid Affordable College Tuition Program (PACT), assets and future appropriations from Education Trust Fund, transferred to institution of higher education, state college to allow eligible students to attend without tuition or fees, certain funds for out-of-state colleges, Secs. 16-33C-6, 16-33C-7, 16-33C-8, am'd; Secs. 16-33C-17, 16-33C-18, 16-33C-20 repealed

Description

Currently there is projected to be a shortage of funds to pay the full tuition and fee costs to the beneficiaries of the remaining active PACT contract holders.

This bill will provide that certain assets in the PACT Trust will be distributed to the several universities and colleges in the state and that certain funds would be retained in the fund to be available for private college or out-of-state tuition if selected by the PACT beneficiary.

This bill would also provide that future appropriations from the Education Trust Fund to the PACT programs would be distributed to the several universities and colleges in the same manner as the assets transferred. Any state university or college shall allow a PACT beneficiary who is accepted for admission to receive credit for all tuition and fees as under the terms of the PACT contracts which existed prior to the passage of Act 2010-725. Any PACT beneficiary electing a private or out-of-state institution shall receive the amounts as determined according to the methods in place prior to the passage of Act 2010-725.

Subjects

Education Trust Fund