WV Moves To Aid State-Run Prepaid Tuition Fund

By: Associated Press
By: Associated Press

Charleston, WV (AP) -- West Virginia's attempt to help parents get a head start on their children's college tuition could soon get an $8 million boost.

A bill passed unanimously Tuesday to the senate by the House would allow the State Treasurer to transfer that sum from his office's unclaimed property fund.

Annual million-dollar transfers would then follow.

The money would shore up the Treasurer's prepaid college tuition program, battered by wall street's turmoil.

The latest figures show the prepaid fund's investments lost 31 percent of their value, or $28 million, between the July start of the budget year and January.

The program closed to new members several years ago, but still has around 7,200 accounts that will pay tuition until 2021.

(Copyright 2009 by the Associated Press. All rights reserved.)

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