PACT program in financial trouble

MOBILE, Ala. - The Pre-Paid Affordable College Tuition, or PACT, plan is an invest and return program, set up by the State of Alabama Treasury Department.

It was designed to help parents put their kids through state colleges. However, the system lost several million dollars when the economy took a downward turn.

Stewart Davis has two kids on the PACT program, and he isn't so sure the return on his investment will be there when it's time to send them to college.

"I knew there was some risk going into the PACT situation, but I think the feeling I have and many other friends of mine that are invested in PACT, with the government bailing out the banks and the automobile companies then maybe there would be some room to help out the PACT system," said Davis.

The Alabama Save PACT group is hosting a meeting Sunday at 2:00 p.m. in the auditorium of Mobile Gas on Dauphin Street. Several state representatives will be there to hear concerns from parents.

Former Alabama State Treasurer, George Wallace Jr., seems confident a solution to the programs financial woes in near.

"I've talked to many members of the House and Senate, both Republican and Democrat, who are determined to find a solution. This issue knows no partisan divide, there is no political party involved. It's about our children and their education. We are all coming together to resolve it and that's a cool thing," said Wallace.