Maryland lawmakers grilled administrators of the Maryland Prepaid College Trust on Thursday after parents say they have been unable to access all of the money in their savings accounts with no clear timeline for a complete resolution.
“We’re gravely concerned about what we are seeing at Maryland 529,” House Appropriations Committee Chair Ben Barnes said during a hearing. “This legislature is looking at your governance and thinking maybe we need some big changes.”the account controversy is only the latest in a long line of problems at Maryland 529, the agency charged with managing the state’s college savings plans.
“We’ve had repeated promises and repeated delays,” Brian Savoie, an account holder in Silver Spring, told lawmakers Thursday.learned of the interest suspension days before Purdue University expected the payment for his son’s first semester. While he should have received $9,000 from the trust, Savoie was only going to get $5,400. He decided to roll over the balance of the prepaid account to a conventional 529.
But some parents contend that they haven’t had access to any of the money in their account. Many others say the money is not enough to cover their costs and has forced them to take out loans, pay for tuition installment plans or tap retirement accounts and face tax penalties.One of the more intense exchanges during the hearing involved questions about how Maryland 529 planned to reimburse families for these sorts of expenses. After Savia told Del. Kevin M.
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