Auditor General William Holland has found major problems with the College Illinois tuition savings plan.
An audit found that a College Illinois official invested $500,000 with an investment manager that was applying to be in the running to manage the program's fund. The plan's managers also changed the way in which they were investing the money that people put in to save for their child's future college education. According to the report, costs for the program almost tripled over just five years. Holland also found that College Illinois' former executive director failed to reveal conflicts of interest.
The program is no longer taking new customers -- at least for the time-being -- and officials with the Illinois Student Assistance Commission say the plan's new leaders are working to making changes and put new protections in place for customers.