image description

Hundreds affected by calculation issue with Maryland 529 plans

January 14th, 2023 by WCBC Radio

Some parents of college students noticed over the past few weeks the numbers aren't adding up in their Maryland 529 accounts, even for those who already paid in full.

WTOP reports problems with the popular prepaid college trust tuition program have affected almost 500 families across the state.

Mark Wozar, a father of two college-bound sons, said it has been nearly impossible to get answers.

"The school right now needs to know how much the family can contribute. The family's contribution, in part, is tied up in the Maryland Prepaid College Trust, and they are not releasing the money that the interest has accrued," Wozar said.

Anthony Savia, executive director of Maryland 529, told 11 News that a calculation issue came about when the state was trying to give back to account holders since the plan was doing so well.