- California's Student Aid Commission announced Tuesday a list of colleges no longer eligible to receive Cal Grants under tougher standards for graduation rates and student loan defaults, passed by the state's legislature in June as part of an effort to address the state's budget woes.
- Around 80 percent of for-profit schools--including University of Phoenix, ITT Technical Institute, Kaplan College, and Heald College--and more than a dozen private colleges could not meet the higher standards, leaving 14,500 students with eliminated or reduced awards.
- Under the new guidelines, institutions must have a graduation rate of at least 30 percent and a student loan default rate of less than15.5 percent for one year.
From the article:
SACRAMENTO, Calif. (AP) — California's move to tighten eligibility requirements for its Cal Grant program will eliminate or reduce awards to 14,500 students, most of them enrolled in for-profit colleges such as the University of Phoenix, the California Student Aid Commission announced Tuesday. ...