The Illinois Student Assistance Commission says Eric Zarnikow is its new executive director.The previous director stepped down last year after reports the state agency's College Illinois program was underfunded, and had been making risky investments. College Illinois allows parents and grandparents to pre-pay for their kids' college tuition. But there are fears it will run out of money. The program's billion-dollar fund only has enough money to meet its obligations through 2022.
Zarnikow will try to fix College Illinois as well as oversee the agency that is responsible for millions of dollars in grants and financial aid to college students. Zarnikow is a C-P-A who was previously treasurer at the "Fortune-500" Service Master Company. He also oversaw the federal government program that gave financial assistance to small businesses.