The prepaid tuition program College Illinois has suspended new contracts, as a new report has come out showing diminishing returns. John Samuels, spokesman for the Illinois Student Assistance Commission, says he expects the General Assembly and governor to make some changes to the program.
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The program’s shortfall is now 30 percent, similar to that of a year ago. “It’s very similar to how pension funds look at it,” says Samuels. “The actuarial assumption is that if there were no contract sales ever again, then what is the actuarial soundness of the plan?” College Illinois is now worth $1.1 billion and has 30,000 participating families.