Wednesday, May 22, 2024 | Baltimore, MD
Baltimore, MD
Partly Cloudy

Families unable to access funds from college savings program following audit ‘issue’

September 26, 2022

Silver Spring resident Brian Savoie began setting aside money for his son’s college tuition nearly 20 years ago, when his first-born, Caleb, entered kindergarten. Now, facing a fall semester tuition payment, the Savoie family cannot access all of the money in their account due to a glitch in one of Maryland’s tuition savings programs. Administrators of the Maryland Prepaid College Trust acknowledge the problem. They say that during a switch-over to a new vendor, an audit raised concerns as to whether interest earnings were being calculated accurately. That led to the interest portion of accounts like the Savoies’ to be frozen.

Article Source: Maryland Matters

The Morning Rundown

We’re staying up to the minute on the issues shaping the future. Join us on the newsletter of choice for Maryland politicos and business leaders. It’s always free to join and never a hassle to leave. See you on the inside.