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Most California For-Profit Colleges Lose State Grants

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(credit: CBS)

(credit: CBS)

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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 on Tuesday released a list of colleges that are no longer eligible to receive Cal Grants under tougher standards passed by the Legislature in June.

The rules were adopted to help address the state’s budget deficit. California’s public universities and most nonprofit, private colleges met new standards for graduation rates and student loan defaults.

Of the 170 for-profit schools that participate in the state financial aid program, 137 could not meet the new standards.

The change will eliminate aid to 7,800 new students and reduce grants by 20 percent to 6,700 returning students.

Copyright 2012 The Associated Press.

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