HB309 Alabama 2014 Session

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

To amend Sections 16-33C-7 and 16-33C-8, Code of Alabama 1975, regarding the Prepaid Affordable College Tuition Program, to provide that certain assets in and future appropriations to the PACT Trust Fund from the Education Trust Fund shall be transferred to the several institutions of higher education and that all state institutions of higher education shall honor the remaining PACT contracts by allowing beneficiaries to attend, if otherwise eligible and accepted for admission, without having to pay tuition or fees as defined in the PACT contract and PACT administrative rules; and to repeal Sections 16-33C-17, 16-33C-18 and 16-33C-20.