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| Name: |
Mack
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| Subject: |
Alabama PACT goes Belly-Up!!
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Date:
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6/11/2011 8:23:32 PM
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This is going to be a RANT from a P$$%d citizen of the state of Alabama.
Alabama PACT is a plan to Pre-Pay college tuition now, at current rates to a 4-year state college. GREAT!! Grandparents signed up all over. Smart parents signed up too. You can pay all up front, or pay a monthly fee toward the total cost of the plan.
In my case, I paid a lump sum $22,000 for my Grandson's tuition when he is ready to enter college. $22,000.
The economy tanks,, the market dives,, the PACT is in trouble.
Here come the LAWYERS with their teeth showing. Well, they are drawing BLOOD along with MONEY.
The "Court" has decided, with the State of Alabama's agreement, that:
- Yep, there is a problem
- Yep, it is bankrupt
- Nope, you cannot get ANY OF YOUR MONEY BACK!!!!!!!!!!!
I cannot even opt out of the program with my $22000 and invest it somewhere else. So says the judge and THE STATE OF ALABAMA.
I am, once again, a FOOL, for believing in government at ANY LEVEL.
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| Name: |
muddauber
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| Subject: |
Alabama PACT goes Belly-Up!!
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Date:
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6/12/2011 7:53:05 AM
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I thought the proposal was to put a cap fixed at 2010 rates, and future tuition raises would not be covered. I know that is not the contract you had with the State, but it seems better than losing everything. One thing that gets me is that all are just looking at current investments. Well, what happens should the investments take off and start making considerably more. I've read nowhere in that case they would go back and honor the original terms. Seems shortsighted as they are assuming no improvment, or perhaps another way to fleece everyone.
Yeah, you are right. Trust no government. Seems that they are all experts at spending our futures yesterday.
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| Name: |
Pontoonfisher
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| Subject: |
Alabama PACT goes Belly-Up!!
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Date:
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6/12/2011 1:35:16 PM
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When the program came out I didn't even consider it. There's no way I would trust a state government with my money, especially the Alabama state government which is one notch above Mississippi.
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| Name: |
Osms
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| Subject: |
Alabama PACT goes Belly-Up!!
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Date:
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6/12/2011 5:47:38 PM
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Have to disagree with you on the Mississippi/Alabama situation. I lived in MS for 25 years and feel qualified to state that Alabama politicians are way more crooked than MS. Look at the gambling situation, the state constitution, local control, ownership of politicians by a few statewide corporations, crooks in urban politics....you could go on and on.
No fan of MS, but no state in the South can touch AL.
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| Name: |
Casey
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| Subject: |
Alabama PACT goes Belly-Up!!
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Date:
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6/12/2011 8:53:35 PM
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I'm stunned that anyone would depend on the state of Alabama to follow through. Whatever were they thinking?
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| Name: |
muddauber
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| Subject: |
Alabama PACT goes Belly-Up!!
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Date:
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6/13/2011 6:34:27 AM
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You gotta remember SC. Pols convinced the people to vote in a lottery without any definitive plans. Gonna be just like Georgia's. "Trust us!!!" they said.
Schools started dreaming of money stream to upgrade buses that were obsolete, libraries whose budgets had been severely slashed, etc. Teachers were very actively promoting the lottery to parents. Ah, what what that? Oh, money is for colleges, and they now have to raise tuition rates as the assembly slashed their budgets to be replaced with lottery money.
Two of the most damaging, dangerous words in the English language is any politician saying "trust me".
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| Name: |
MartiniMan
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| Subject: |
Sorry for your troubles
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Date:
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6/13/2011 11:56:55 AM
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I too was tempted by a similar program and am glad I decided against it. Sadly, this is just another example of why the role of government should be severely limited. They simply do not do much very well. The only reason I went for the 529 Plans is because the money is invested in stock funds and is therefore not in the hands of greedy, incompetent bureaucrats.
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| Name: |
widgethater
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| Subject: |
Sorry for your troubles
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Date:
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6/14/2011 3:12:36 PM
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MM- isn't "incompetent bureaucrat" an oxy-moron??
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| Name: |
MrHodja
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| Subject: |
Sorry for your troubles
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Date:
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6/14/2011 5:51:59 PM
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The two terms used together are certainly redundant.
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| Name: |
MrHodja
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| Subject: |
Sorry for your troubles
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Date:
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6/14/2011 5:53:24 PM
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And before I get in Hound's doghouse (again), not all Government workers are bureaucrats. Some are dedicated civil servants.
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| Name: |
Talullahhound
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| Subject: |
Sorry for your troubles
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Date:
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6/14/2011 6:24:05 PM
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I agree with you. You can always tell a bureaucrat (I like to refer to it as a bureaucat) because when you ask them a question that they don't know the answer to; ask them to do something or to otherwise get off their butts, they get a very "official" tone to their voices and resort to governmental doublespeak. They also try to put you on the defensive by getting aggressive.
I have to say that I am so disgusted by the government, on EVERY level, to get beyond the political posturing and excuses and actually accomplish anything, I can't hardly speak about it.
If I lost $22K to government mismanagement, I'd be pretty ticked off too. I'd actually be more than ticked off... The lack of accountability is outrageous.
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| Name: |
Mack
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| Subject: |
Sorry for your troubles
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Date:
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6/14/2011 7:44:00 PM
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Actually, I did not lose the $22K. YET As someone said before, the "New" PACT version is to pay the tuition cost at the 2010 level, not the level of tuition in 2022 as originally promised.
Allowing the political intrigue that will occur over the next 10 years, my original $22K investment in an education for my grandson will probably be worth "Squat".
Does not matter, really. He will get an "education", whatever that means in 10 years, and the State of Alabama can go p%$s up a rope!!
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