Maryland college savings program says glitch fixed, but ‘confusion’ remains – WTOP News

Mother and father are nonetheless having a tough time accessing cash they’ve saved in a Maryland school financial savings program, regardless of a declare by program directors {that a} glitch has been fastened.

“I nonetheless don’t have any entry to that cash,” stated Brian Savoie, a father impacted by the issue. “I’ve been attempting to determine the place to get the cash to pay for my son’s tuition.”

For a number of months, tons of of individuals have been unable to take cash out of their Maryland Pay as you go Faculty Belief accounts, because of an curiosity calculation glitch throughout the program.

Maryland 529, the company that runs this system, stated Friday that the glitch had been fastened, however Savoie stated he was nonetheless caught in the identical scenario.

“My account has not been up to date,” Savoie stated. “There’s nonetheless plenty of confusion on the market amongst account holders.”

In a press release, Maryland 529 Govt Director Anthony Savia stated that 419 out of 480 accounts that reported having such issues had been reviewed and addressed.

“It has taken time to resolve this problem as a result of it was vital to make sure that the belief accounts have been fastidiously prioritized and assessed,” Savia stated. “High quality management measures have been put in place to right the calculation and guarantee correct reporting going ahead.”

Savia stated he was assured that “the calculation formulation has been corrected.”

WTOP reached out to Maryland 529 for touch upon Savoie’s ongoing considerations, however Savia’s workplace stated he was not out there.

“As you’ll be able to perceive, his precedence proper now could be working with the consultants and buyer help workers to distribute data to the person account holders,” Savia’s workplace stated.

In line with Maryland 529, account holders have all the time been capable of entry the cash they deposited, however the glitch made curiosity they earned of their accounts inaccessible.

For Savoie, that curiosity totals about $20,000.

“I really feel just like the rug was pulled out from underneath me,” Savoie stated. “It’s massively nerve-racking.”

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