BALTIMORE — Months of lobbying has resulted in a win for people with 529 prepaid trusts.
The treasurer will take control of the trust once it's signed by the governor.
For parents, it's good but not a solution.
"I'm cautiously optimistic, I think is the best way to put it," said Eric Marshall.
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Parents are fighting for interest earnings on their accounts.
Most saw their earnings go up over time and then they were slashed in half at the beginning of 2022.
For months they were trying to get the 529 board to return their accounts to the original balance.
"At the end of the day, the board of Maryland 529 wasn't paying any attention to our demands, or requests or the data we showed them of how we've been harmed and damaged. So anything other than that is an improvement," said Kirk Litton.
For some parents, the waiting has been too much.
Tuition bills come due and they have to take the money out without the earnings.
"It's better than taking on more and more debt so they have to take it. The challenge will be when this ship is righted and this wrong is corrected, how do they get made whole," asked Litton.
While some parents say they'd be ok with taking a small loss to get the issue resolved, others are not.
"I don't think that we're in the wrong and I personally would not take less than what the plan says I should get," said Marshall.
Maryland 529 maintained that recalculations on the accounts were correct.
The treasurers office declined an interview on the bill being passed until the governor signs it into law.
