College Savings Program



Two Illinois college tuition investment programs have seen their assets grow substantially in the past two years.
 
State Treasurer Dan Rutherford announced Wednesday the plans' assets have grown from $3.7 billion to more than $5 billion. Rutherford says he's been working to restore faith in the programs, which offer tax advantages to families saving for college.
 
The program stopped taking new applications in 2011 after reports of questionable investments and money problems. State auditors later found that top officials had conflicts of interest and that administrative costs had skyrocketed.
 
Gov. Pat Quinn replaced the management team, and the Legislature passed a law requiring more openness about investment decisions.
 
The state treasurer now says another key to the program's success is a marketing campaign that's increasing awareness.

(Copyright 2013 by The Associated Press. All rights reserved.)

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Topics : Business_FinanceEducation
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Locations : Illinois
People : Dan RutherfordPat Quinn
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