About 5 percent of the families participating in Alabama's prepaid college tuition plan have withdrawn their money since the program ran into financial problems and its ability to pay full college costs became doubtful.
The board that oversees Alabama's Prepaid Affordable College Tuition plan received a report Wednesday showing that 2,733 participants have pulled out since February 2009. That's the month State Treasurer Kay Ivey sent participants a letter disclosing financial problems caused by investment losses and tuition increases.
Ivey says she's pleased only 5 percent withdrew. She says it shows most participants are expecting the Legislature to fix the problems.