The goal of KAPT is to provide Kentucky families affordable college tuition for their children and grandchildren by guaranteeing the cost of tomorrow's tuition at lower prices today.
State Treasurer, Jonathan Miller says: "I feel strongly about KAPT because it provides educational opportunity to almost 9000 families. It makes college affordable by locking in the price of today's prices. With tuition rising at double digit rates all over the state, it's been a great way for families to save."
But now there's concern about the future of KAPT. When the program was started four years ago it was backed by money from the states unclaimed property fund. That money was from the stocks and bond portion of the unclaimed property fund. Last year $13.7 million from the unclaimed property fund was put into the KAPT fund to build interest. Now some Senate leaders want to take that money.
Miller says: "We're getting really mixed signals from the Senate. On the one hand they say we'll meet this obligation later. On the other hand, in their budget they not only took this $13.7 million but also said that no general fund or unclaimed property could be used to back up the program."
Miller has asked Governor Ernie Fletcher to line item veto the provision to take the money. If that doesn't work the 9-thousand families enrolled in the KAPT program will be granted tuition rates locked in at today's prices because they have a binding contract with the state.
Miller says: "I'm particularly motivated because this raid represents money being taken out of the program, money that was promised to these 9000 families when they signed up for the program. It's not only wrong, but we believe it's unconstitutional."