An Illinois college savings program that stopped taking applicants last year is back in business with a new management team. College Illinois allows parents to lock in a price for their children’s future tuition and save money to pay it.
The state-run program has tax advantages as well. College Illinois stopped accepting applicants late last year because auditors found top officials had conflicts of interest and administrative costs had risen significantly. Governor Pat Quinn brought in a new management team, and the General Assembly passed a law requiring more transparency about investment decisions.