Jackson Free Press

JACKSON, Miss. (AP) — Mississippi's prepaid college tuition program will resume selling contracts Oct. 1, but with sharply higher prices.

The board that oversees the Mississippi Prepaid Affordable College Tuition program voted unanimously Wednesday to reopen the program, which allows participants to lock pricing for future two-year or four-year college expenses. State Treasurer Lynn Fitch closed the program in fall 2012, saying she was worried about a funding shortfall.

Some contract prices will be 60 percent to 90 percent higher than when last offered in 2011.

Fitch says new prices mean the program should avoid future shortfalls, and says it remains a valuable savings tool. Money from new contracts won't be used to make up the previous program's deficit, meaning the board is likely to ask lawmakers for state money to fill that hole.