Legislators Propose Raiding the Prepaid College Fund to Plug the Budget Gap
Mar 10, 2009
Begun in 1988, the Florida Prepaid College Fund allows parents to invest money with the state to lock in present-day tuition rates. The program benefits one out of every ten Florida children, and has helped thousands of working- and middle-class families fund college educations. The fund currently holds more than $8 billion in assets.
Faced with a budget crisis, members of the Senate higher education budget committee held a meeting this week to discuss fund sources and proposed "borrowing" from the fund, with the promise to pay the money back.
Officials with the program insist that the legislature is legally barred from raiding the fund and say they'll fight in court any attempt to use the money.
Governor Crist announced his opposition to the proposal today.
Learn More
St. Pete Times: Florida Lawmakers Ask: Can we tap prepaid college tuition fund?
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