A tax-advantaged college savings plan designed to encourage families to set aside funds for future school costs is up for discussion at the Statehouse. A joint hearing before the state Senate Appropriations II and Higher Education committees was held Jan. 29.
Eric Zarnikow of the Illinois Student Assistance Commission (ISEA) gave a presentation to committee members, outlining the College Illinois! program and sharing what he claims it could need in order to stay afloat. Zarnikow said the unfunded liability by the end of the fiscal year last year was more than $300 million. He believes the state will need to provide $81 million before 2026 in order to meet the moral obligation clause.