Officials say some accounts have too much money and others have too little. They say they need time to sort it out.
Aden and Debra Wilkie never expected they’d have to pay their daughters’ tuition with a credit card. The couple has more than $80,000 invested in three separate tuition savings plans with the state of Maryland. But they can’t withdraw a dime.For months, hundreds of families invested in Maryland’s 529 prepaid plans have been unable to access all of the money in their accounts to pay tuition and fees.
She added that “tremendous progress has been made toward the resolution”and said the trust is “expecting to post another substantive update that we believe will be good news to account holders.” She did not say when that update would come.Maryland offers two types of 529 college savings accounts: a standard investment plan and a prepaid college tuition trust. The investment plan is like a 401 account: Its value fluctuates with the price of the equities it holds, and families assume the risk.
But administrators informed Savoie in August of a calculation glitch that prevented them from paying out interest on the plan. He should have received $9,000 but was going to get only $5,400. The email landed days before Purdue University expected the first payment for his son’s first semester.
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