"We're not out to make a profit," Ward said. "Some states will have a minimum (investment requirement). We have no minimum. We don't have a sign-up fee. We don't have the specialty fees many other (plans) have, because we're not in it because of any profit motive."

Contributions to UESP's nine investment accounts are not tax-deductible, but earnings on investments grow federally tax-deferred. And, as long as the money is used for qualified college expenses, the money is tax-exempt. Utah investors receive a state tax deduction, as well.

Twenty-four percent of UESP accounts are held by Utah account-holders, Ward said.

To date, investors have pumped $1 billion to the UESP, and from Jan. 1 through June 24 of this year, more than 6,700 accounts have been opened. In that same period, new investments with the fund topped $146 million, Ward said. The total market value of the fund, as of June 24, was $1.07 billion.

That is impressive enough. But it looks even better when you consider Hatch's second-degree felony theft conviction in connection with the misappropriation of nearly $85,000 in UESP funds between 2002 and 2004. Hatch pleaded guilty in March and was sentenced in May to 90 days in jail (60 days suspended), a suspended prison term, restitution of $63,500, a $10,000 fine (suspended), community service, family counseling and probation. He also was barred from future management of fiduciary funds, unless closely supervised.

Ward succeeded Hatch and immediately set about reassuring investors, strengthening internal controls, bringing online a new computer system, performing quality assurance evaluations and revamping the fund's disclosure materials.

"Partly, I think it was the way we handled it," Ward said. "We tried to be very informative to account owners and prospective account owners. They've seen how hard we've been working to make all these improvements. It's been phenomenal to make such improvements in such a short amount of time. We were literally working through the night."

Investors were made whole through the fund's insurance, and Ward said she waited to see what effect the incident would have on investor confidence. So far, so good.

"The growth of the program may have been impacted a little, but that is hard to say," Hurley said. He did say that "the scandal led to a vigorous effort to make improvements."

Buhler said he decided to go with UESP once he heard about the funds from a friend. The decision was pretty easy, he said.

"I went to college myself, and I didn't have much help with anything," Buhler said. "I just had student loans and work. This gives me the chance to help my kids, and I can help my kids without breaking me."