SPRINGFIELD - Illinois’ prepaid college tuition fund on which some 54,000 families are relying is vowing to find some way to make up a $560 million deficit. Even if that means asking for a taxpayer-funded bailout, said John Sinsheimer, executive director for the program.
“There are a variety of solutions out there. They range from seeking a full-faith guarantee from the General Assembly (read: higher taxes), to closing the program out to all new contracts and having the General Assembly make up the shortfall, to what we call benefit cost sharing where the universities would help,” Sinsheimer said during a hearing Tuesday of the Legislative Audit Commission, a joint committee of the Illinois House and Illinois Senate.
College Illinois! stopped accepting new contracts on Sept. 30 after media reports of risky investments, funding shortfalls and accelerated withdrawls from the program. More HERE
