SPRINGFIELD, Ill. (CBS) — A state-run college investment program is losing money, and has in the past been blasted for risky investments.

But as WBBM Newsradio’s Alex Degman reports, a panel of lawmakers is holding hearings around as it tries to get the program on solid footing.

LISTEN: WBBM Newsradio’s Alex Degman reports

An audit released earlier this year found College Illinois lost millions of dollars in risky investments. The program, which has about 55,000 families in the fold, offers prepaid tuition plans to community colleges and universities.

The College Illinois Recovery Task force, led by State Rep. Jim Durkin (R-Western Springs), is looking for ways to restore confidence in the program. Durkin says there are areas that can be addressed through legislation.

“The Illinois Public Funds Investment Act does place restrictions on the types of investments that can be made with public funds,” Durkin said.

College Illinois is currently hundreds of millions of dollars in debt, but Durkin – a College Illinois investor himself – says the program is still a good bet.