IL Attorney General Reviewing Troubled College Savings Program
Illinois Attorney General Lisa Madigan's office says it is reviewing a troubled college savings program.
Spokeswoman Natalie Bauer said Wednesday that Madigan is "looking into some issues'' at the Illinois Student Assistance Commission. She did not elaborate.
The commission runs the prepaid tuition program College Illinois. A state audit released in April questioned management of the program's invested funds and said it had a continuing deficit of more than $300 million.
Lawmakers then ordered a more thorough audit.
College Illinois lets parents and others invest money now and lock in a future tuition level. But it's not guaranteed, so investors would be out of luck if the money runs out.
A spokesman said the commission had not been contacted by the attorney general or other officials.