PACT fund rebounds

By Stephen Gallien - email

MONTGOMERY, AL (WAFF) - The rebound on Wall Street is pumping new money into Alabama's Prepaid Affordable College Tuition plan.

The State Treasurer's office released new numbers Thursday morning which the fund has seen explosive growth over the past two fiscal quarters.  It has risen more than 29 percent from April through September according to preliminary numbers issued by the State Treasurer.

That growth pushed the value of the PACT fund $11.5 million dollars higher in just the last month, according to a news release from State Treasurer Kay Ivey's office.

"As long as the the financial markets continue their steady recovery, the assets in the Wallace-Folsom PACT fund should continue to gain in value," said Ivey.

The fund lost million with the stock market decline over the past year.  New students are still not being accepted into the PACT plan.

Parents across North Alabama have been holding meetings to save PACT.  Another meeting is set for Thursday evening at the Cullman County courthouse.

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