Illinois’ prepaid college tuition program may need $1.6 billion bailout

According to the Chicago Sun-Times, a report issued this week by Gabriel Roeder Smith & Co. concluded that College Illinois!, a prepaid college tuition program, might require a $1.6 billion bailout from the state. If the state fails to bail out the program, funding would be completely gone by 2022. Managed and operated by the Illinois Student Assistance Commission, College Illinois! is struggling to pay for past contracts, which specifically allow parents to pay in advance and at lower tuition rates for their children looking to attend public universities in Illinois…

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