Posted on 03/09/2009 8:21:54 AM PDT by TigerLikesRooster
Lawmakers ask: Can we tap college fund?
By Amy Hollyfield, Times/Herald Tallahassee Bureau
Published Sunday, March 8, 2009
TALLAHASSEE — They are desperate for money. Hurting for ideas.
And it has come to this: What about the money the Florida Prepaid College Board is sitting on?
The popular family program benefits one out of every 10 children in the state. Parents invest tens of thousands of dollars — sometimes in small monthly installments over 18 years — to lock in present-day tuition rates for their future college students. More than 1.3 million contracts have been sold since it started in 1988. That means that at any given time, the program's assets rate in the billions.
"We talked about the possibility if there was such money there, perhaps we could borrow that," said Sen. Evelyn Lynn, R-Ormond Beach, chair of the Senate higher education appropriations committee. "We're looking at everything. We're really hurting and we need new sources of income."
An analysis by Ernst & Young shows the prepaid program as of Jan. 31 with $8.8 billion in total assets, $8.3 billion in contract liabilities and an actuarial reserve of $468 million (that's what's left over after all contracts are paid).
(Excerpt) Read more at tampabay.com ...
Ping!
Maybe they can hammer open the little kiddies piggy banks too ...
But I thought these funds were in a lock box like social security! Yeah right...
“borrow” = legislative euphemism for “confiscate.”
Florida has some pitiful Republican leadership.
This is wrong.
If they can do this, I’m sure they won’t have any qualms about “borrowing” from folks’ IRAs, from folks’ bank accounts, and the list goes on.
It never ends politicians appetite for Other Peoples Money.
I am sure they will try. At least, they will “talk about it.” :-)
Oh hell no.
When we said “this is going to end very very badly” a couple of years ago, we were talking about our economy. I think it’s going to apply to our government as well, in the same degree.
“We’re looking at everything. We’re really hurting and we need new sources of income.”
Cut Gov’t. Duh. You guys haven’t seen hard yet. Pitiful.
Make no mistake, the left and the Zer0 admin. have their eyes on ALL forms of savings.....including all assets held in First National Mason Jar.
On WFLA-AM this morning, I also heard they are talking about charging a 40% “fee” when you use this to pay tuition in the future. So not only are they going to steal the fund, they’ll charge you AGAIN for something you thought you’d already paid for.
I HATE politicians....
“Giving government money and power is like giving car keys and whiskey to a teenage boy” - P.J. O’Rourke
yup... just like social security
What really gets me is that it is a nominal Republican suggesting this!
Politiicians are crooks. This is what happens when those in Gov’t lack a moral compass.
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