Troubled College Savings Program Resumes Business

By: The Associated Press
By: The Associated Press

SPRINGFIELD, Ill. (AP) -- An Illinois college savings program is back in business after a management overhaul.

College Illinois lets parents lock in a price for their children's future tuition and save money to pay it. Saving through the state-run program offers tax advantages.

But College Illinois stopped taking new applications late last year over concerns about mismanagement. Auditors found that top officials had conflicts of interest and that administrative costs had skyrocketed.

Gov. Pat Quinn replaced the management team, and the General Assembly passed a law requiring more openness about investment decisions.

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Online: http://www.529prepaidtuition.org


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