Reboletti Assigned to Reign in Risky Business at College Illinois

State Rep. Dennis Reboletti (R-46th, Elmhurst) was named to the College Illinois Task Force on Thursday. The task force will investigate and look for ways to help restore the state’s prepaid tuition program.

The 529 plan serves about 55,000 families across the state. Parents purchase contracts with College Illinois while their children are young, and the cost of tuition is locked in based on today's rates, protecting families from inflation. College Illinois invests the money and payout is dependent on good returns on those investments.

Recently this program has for its faulty organizational structure and ongoing financial deficit. Earlier this month, Illinois Student Assistance Commission Executive Director Andrew Davis was placed on paid leave due to the investment shortfalls and claims of poor management.

An article in Crain's Chicago Business last March said College Illinois "has the deepest shortfall of any such fund in the United States" and is using high-risk investments to try to make up the deficit.

Read the Crain's article here.

“I look forward to working collectively with Chairman (Rep. Jim Durkin, R-82nd) and my colleagues to make sure that the College Illinois funds are invested wisely," Reboletti said.