College Illinois lets parents invest today and lock in tuition for their kids down the line. Now Attorney General Lisa Madigan has opened a review of the program. The commission has run a deficit of over $300 million for 2 years due to lax investment practices like its $12.8 million in Shorebank Corp., which collapsed last year. Spokespeople for the commission say they were attempting to keep pace with the cost of higher-education ... but lost everything instead. Oops! Now it looks like the system is out of money; and since investments are not guaranteed, the investors (parents) appear to be out of luck.
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