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rsearchh searchS Tag uth South College savings plans are struggling in many states because of rising tuition costs and declining returns. About half of prepaid college savings plans have stopped accepting new money.
Connecticut State Treasurer Denise Nappier, Larry the Stag, and Liam McGee, chairman and CEO of The Hartford, celebrate the 2010 launch of CHET Advisor, a new 529 college savings plan for Connecticut residents. Special prepaid college savings plans are being squeezed by low investment returns and big tuition increases.
Business Wire/File
Jim and Celeste Durkin thought when they began investing six years ago in Illinois state's prepaid college savings plan that they were locking in a bargain price if their daughter Caroline, who is now 10, eventually attended the University of Illinois.
Skip to next paragraphThat might not be the case. The plan took some risky bets on private equity and hedge funds and is now 30 percent underfunded and temporarily closed to new investments.
"It was highly recommended by investment professionals and people we knew, and with all of the uncertainty in the markets we thought it was a safe investment," Durkin said.
An Illinois state representative, Durkin is determined to do something about it: He expects to introduce legislation this month to make the plans more transparent.
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