Maryland college savings program : Glitch fixed, but ‘confusion’ remains
The money saved by the parents in a Maryland College savings program is giving them a tough time to the parents for accessing the same. However, the program administrators have claimed that the glitch is being fixed. Brian Savoie, a father impacted by the problem, said, “I still don’t have any access to that money.” He added, “I’ve been trying to figure out where to get the money to pay for my son’s tuition.”
- People can still withdraw money from their Maryland Prepaid College Trust accounts.
- This occurred probably because of an interest calculation glitch within the program.
- The glitch is said to be fixed, but the confusion still seems to persist
- Interest calculation error in the program – yet to be resolved
Hundreds of people have been unable to take the money from their Maryland Prepaid College Trust accounts for quite a couple of months. This happened because of the interest calculation glitch that occurred in the program. The agency running the program, Maryland 529, said that the glitch sad fixed on Friday, but multiple parents are still stuck amidst the situation.
Savoie’s statement retaining the problem in the program
Savoie said, “My account has not been updated.” He added, “There’s still a lot of confusion out there among account holders.” The Maryland 529 Executive Director Anthony Savia said that 419 out of 480 accounts had reported facing further problems that had been reviewed and addressed. Savia had said, “It has taken time to resolve this issue because it was important to ensure that the trust accounts were carefully prioritised and assessed. Quality control measures were put in place to correct the calculation and ensure accurate reporting going forward.” He further showed his confidence by saying, “the calculation formula has been corrected.” The office even declared that the current priority is to consider a discussion with the account holders and the customer staff to resolve the issue at the earliest.
Reference:
Maryland college savings program says glitch fixed, but ‘confusion’ remains
