Bad news for those looking to save on one of the most expensive investments most make in their young adult life.
Illinois’ prepaid college tuition program halted accepting new applicants as they do not have enough money to carry out its estimated obligations, according to a WGN9 report.
According to the news outlet, only 450 people enrolled in the College Illinois! Prepaid Tuition Program during the most recent fiscal year.
This number was compared with roughly 4,400 close to ten years ago according to WGN9.
In the last seven years, the program has had to stop accepting new applicants — twice.
The college program allows parents to pay tuition for a state university ahead of time to avoid possible tuition increases.
If you or your children lack savings for college, one of my favorite financial advisors – Dave Ramsey offers sage financial advice below…