TROY—The Board of Trustees of Troy University Wednesday approved a three-year waiver of tuition increases to current and future students enrolled in the Prepaid Affordable College Tuition (PACT) program. The action was in response to a formal request by the PACT Board of Directors, Dr. Jack Hawkins, Chancellor, said.
The PACT board recently told 48,000 families who participate in PACT that the program’s investments have lost 46 percent of value due to the downturn in the stock market. According to Chancellor Hawkins the University decided to grant the three-year reprieve to help the students and families enrolled in PACT.
“Subscribers to the PACT assumed tuition and fees would be covered by the program. It appears that assumption may not be reality. Although we can’t propose a long-term answer to this problem, we can offer short-term relief’ said Hawkins. He added, “While all of Alabama higher education faces a financial challenge, the crisis faced by PACT deserves our attention.”
The Board of Trustees’ action was based upon the understanding the PACT Board will fund tuition and fees for 2009 at 2008 levels.
The waiver will take effect beginning fall semester 2009 and run through spring 2012 and will apply to PACT participants currently enrolled in Troy University as well as PACT participants applying for enrollment.
Currently Troy University enrolls 600 PACT recipients. Tuition and fees to be waived are projected to exceed $2.5 million.