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‘A broken promise’: Maryland college savings plan blocks parents from withdrawing money

December 23, 2022
Photo of person holding graduation cap and diploma

Aden and Debra Wilkie never expected they’d have to pay their daughters’ tuition with a credit card. The couple has more than $80,000 invested in three separate tuition savings plans with the state of Maryland. But they can’t withdraw a dime. For months, hundreds of families invested in Maryland’s 529 prepaid plans have been unable to access all of the money in their accounts to pay tuition and fees. Administrators say this spring they discovered a calculating error that may have affected all 31,000 prepaid accounts. So the Maryland Prepaid College Trust suspended interest payments

Article Source: Frederick News-Post

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