Connect with us

Hi, what are you looking for?

Economy

PACT board of directors approves 7 percent raise for tuition and fees

STOCK

Alabama State Treasurer and PACT Board Chairman John McMillan announced that directors of the Alabama PACT Program approved a 7 percent increase to the current rate paid by the PACT Program for tuition and fees. This increase is effective fall semester 2019.

“We are able to protect and enhance account holder’s investments thanks to the support the Legislature has provided and through sound financial management of the fund,” McMillan said. “We are proud to be able to provide the fifth increase in payments to account holders.”

Under the 2011 Class Action Settlement Agreement, PACT is required to pay tuition and qualified fees at the fall 2010 rates as certified by each respective Alabama public eligible educational institution. The agreement was negotiated to allow for an increase in benefit payments, if the actuarial condition of the PACT program improves. The first increase of 3 percent was made in 2015 followed by a 6 percent increase in 2016, an 8 percent increase in 2017 and a 7 percent increase in 2018.

The PACT Program currently has 14,839 active contracts.

 

The Alabama Political Reporter is a daily political news site devoted to Alabama politics. We provide accurate, reliable coverage of policy, elections and government.

DIG DEEPER

Featured Opinion

The Biden administration's loan forgiveness is a drop in the bucket compared to massive handouts to companies and billionaires.

Education

A restructuring of the cost plan last year eliminated most fees and created a single tuition rate for undergraduate, graduate and doctoral classes.

Legislature

The aim of the law is to give homeless youth access to vital documents they need to engage in programs and employment.

Education

Troy University will freeze tuition for the upcoming 2022-2023 academic year.