Rockford Sun

College Illinois! Prepaid Tuition Program is $320 million short of fulfilling its financial obligation to its students.

According to an article by the Chicago Tribune, the program, which allows parents to pay for tuition in advance in case tuition costs rise, has stopped accepting new applications for the second time in seven years.

In College Illinois’ summer newsletter, the school addressed concerns about the state’s lack of funding, saying that the state’s budget issues should not affect plan holders. 

“However, we do believe that the ongoing budget delay and resulting uncertainty about the future of higher education in the state have had a negative impact on contract sales,” the newsletter continued.

The Illinois Student Assistance Commission (ISAC) reached out to the General Assembly to step in and financially help the program.

Many assemblymembers, including state Sen. Dave Syverson (R-Rockford), are unhappy about the prospect of saving the program.

“Government needs to get out of this kind of business,” Syverson told Rockford Sun. “[I] don't know if it can be saved or if state should cut its loses get out and fund those commitments already made but no more. Or redesign, turn over totally to private sector with no future risk to taxpayers.”

Despite being unhappy with the situation, Syverson is not surprised the program is running out of money.

“I warned, as did others, for the last 15 years that this was a problem and getting worse,” Syverson said.

Still, Syverson said the state might have to bail out the program whether they want to or not.

“We might have to depending on the promises made both legally and morally,” Syverson said. “This is why government should not get into this kind of business.”

According to the Chicago Tribune article, the program had a similar shutdown in 2011 when it had a $560 million deficit. The program reopened enrollment in 2012.

It’s still unclear whether the program will be able to reopen enrollment again.