June 24, 2011
SPRINGFIELD ?� College Illinois, one of Illinois’ pre-paid tuition plans, is having to deal with angry parents who have been pulling millions of dollars from the program recently.
An investigation by Illinois Statehouse News found that parents have yanked $12 million dollars from College Illinois in the past three months.� The loss of $4�million dollars a� month dwarfs 2010 losses.� College Illinois parents removed just $2 million in the same three months last year.
College Illinois allows parents to to “buy” semesters at one of Illinois’ public universities at today’s prices.� More than 33,00� families have bought into College Illinois.�
The losses, and possible insolvency of College Illinois , have a number of people asking questions.� The Illinois Attorney General, Illinois Secretary of State, Illinois Auditor General, and a number of lawmakers are all demanding answers.� Republican State Rep Jim Durkin is among them
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The Illinois Student Assistance Commission runs College Illinois.� And director Andrew Davis says College Illinois will have its best year ever this year.� But even he admits that the program is not going to be able to keep-up with the rising cost of tuition in Illinois.�
Illinois Statehouse News projects show that the program could run out of money two decades.�
Originally reported by Illinois Statehouse News. Read the original article here.
College Illinois on slippery footing | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.
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