When the market tanked and it looked like PACT might go in the dumper, I checked the fine print and yep, it had every right to go in the dumper and not a thing we could do about it. So much going back and forth but it appears that the ship has been somewhat righted. Not completely but better than what we all feared. My daughter is 22 and has been in and out of school, trying to make her way dancing/performing while she's still young. As a result, she's only completed about a year and a half of college. I have to say that PACT has paid everything it was supposed to up to this point.
I've got it for the 12 year old but like you, I've long since made other arrangements in putting money away for his schoolifying.