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Audit: Big problems in Ill. tuition savings plan

(via Flickr/j.o.h.n. walker)

A new audit finds major problems in the College Illinois tuition savings program, including possible financial conflicts among top personnel.

Auditor General William Holland reported Wednesday that the former executive director of College Illinois did not disclose conflicts of interest. And another official made a $500,000 investment with an investment manager that was applying to handle the program's money.

The report says College Illinois also ignored or changed its criteria for deciding how to invest money that participants put into the program. Meanwhile, costs nearly tripled in just five years.

The prepaid-tuition program has stopped accepting new customers. The Illinois Student Assistance Commission says new leadership has already begun making changes and adding new safeguards.