 The Illinois Student
Assistance Commission plans to give Gov. Pat
Quinn and lawmakers comprehensive recommendations on fixing the
13-year-old, $1.1 billion College Illinois program, commission
chairwoman Kym Hubbard tells Crain's Chicago Business. That should
happen early next year.
Hubbard said she is confident about the program's future. "But final
decisions must be made by the governor and the General Assembly,"
she said.
The recommendations could include asking universities and parents
who buy new contracts to assume some risks from tuition inflation.
More than 30,000 Illinois families hold contracts for more than
50,000 students in College Illinois, which lets parents lock in
tuition costs at public universities years before students go to
college. The commission stopped selling contracts on Oct. 1.
A study from March of this year found a 30 percent shortfall in the
program. That's the same shortfall found in June 2010, but the new
report incorporates lower forecasts on investment returns.
State Rep. Jim Durkin, a Western Springs Republican, plans to
introduce legislation in 2012 that would make College Illinois more
transparent. Durkin owns a College Illinois contract for his
daughter.
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"It is important that families know at all times where the fund
stands," Durkin said. "At this time advertising, administrative
costs, salaries and operational costs are all draining the
investment fund, and this must stop immediately."
Hubbard said she supports Durkin's efforts.
[Associated Press]
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