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    177 Private Colleges Fail Education Dept.'s Financial-Responsibility Test "According to a Chronicle analysis of data released on Tuesday, 177 private colleges that grant degrees failed a U.S. Education Department test for financial responsibility in the 2014-15 academic year. That's 18 more than the previous year," according to The Chronicle of Higher Education. "Of the institutions that failed, 112 are nonprofit, and the remaining 65 are for-profit. In the previous year, 93 of the 159 failing institutions were nonprofit. The department considers an institution’s debt and assets, among other factors, in giving it a score ranging from -1 to 3. Scores lower than 1.5 are considered failing. The department’s methodology in devising the scores has drawn sharp criticism in the past from some higher-education groups. The latest scores cover the institutions for fiscal years ending between July 1, 2014, and June 30, 2015. Several of the colleges have closed since the 2014-15 academic year. Some, like Dowling College, in Oakdale, N.Y., previously failed the financial-responsibility test, while others, like Saint Joseph’s College, in Rensselaer, Ind., passed it." NASFAA's "Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented. Publication Date: 3/10/2017
    6 years ago by @prophe
     
      Mar2017USAEnglishFinancialDepartment_of_Education
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      Seven Missouri private colleges and six from Kansas have failed a U.S. Department of Education test of their financial responsibility during the 2014-2015 academic year. The Chronicle of Higher Education this week released analyzed data that found 177 degree-granting colleges across the country failed the test, 18 more than had failed the previous year. Most of those failing were nonprofits. Only 65 of the failing schools were for-profit institutions. Among them was Wright Career College, a for-profit private school that was based in Overland Park and closed in April 2016 after going bankrupt. The Chronicle of Higher Education reported that in determining whether an institution passes or fails, the Education Department considers an institution’s debt and assets, among other factors. Scores given range from negative-1 to 3, and any score below 1.5 is considered failing. These schools are subject to cash monitoring and other federally imposed requirements. A school could raise concerns about its financial responsibility and end up on the monitoring list for late financial statements, outstanding liabilities and accreditation issues. The scores are made public by the federal Education Department as some broad indication of the financial health of thousands of two- and four-year schools. The idea is to give tuition-paying students and parents a better look at what their money is buying and how it’s being used. “The department’s methodology in devising the scores has drawn sharp criticism in the past from some higher-education groups,” the Chronicle of Higher Education reported. Among the schools in Missouri listed with a failing score for the 2014-2015 academic year is Westminster College in Fulton with a score of 1.1. But school officials said the college has subsequently improved performance and the reported score “does not reflect our college’s current financial conditions,” said Lana Poole, college spokeswoman. Poole said Westminster’s composite score for financial responsibility would increase to 2.7 fo
      6 years ago by @prophe
       
        Mar2017MissouriKansasEnglishUSAFinancial
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        The U.S. Department of Education this week released the annual update of its financial responsibility test scores for private colleges, which is based on data from 2014-15. The 187 institutions that have a failing score -- most of which are small and either private nonprofit or for-profit -- will lose access to federal financial aid without a provisional certification from the department. The department may also require colleges with low or failing scores to take out a letter of credit or be subject to a sanction called heightened cash monitoring. The test was designed to keep tabs on the fiscal stability of colleges, with an eye toward preventing financial aid from going to institutions that may shut down abruptly. For example, Dowling College, which shut down last year, has a failing score on the new list. However, many private college officials have for years criticized the department's methodology for the test. They say the scoring system fails to use generally accepted accounting practices, is backward looking and does not capture the complexity of a college budget. For example, a decline in a college endowment's investment value is counted as an operating loss. The department's Office of Inspector General recently agreed with some of that criticism, noting in an audit released last week that the test's methodology should be improved.
        6 years ago by @prophe
         
          Mar2017FinancialUSADepartment_of_EducationEnglish
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          According to a Chronicle analysis of data released on Tuesday, 177 private colleges that grant degrees failed a U.S. Education Department test for financial responsibility in the 2014-15 academic year. That’s 18 more than the previous year. Of the institutions that failed, 112 are nonprofit, and the remaining 65 are for-profit. In the previous year, 93 of the 159 failing institutions were nonprofit. The department considers an institution’s debt and assets, among other factors, in giving it a score ranging from -1 to 3. Scores lower than 1.5 are considered failing. The department’s methodology in devising the scores has drawn sharp criticism in the past from some higher-education groups. The latest scores cover the institutions for fiscal years ending between July 1, 2014, and June 30, 2015. Several of the colleges have closed since the 2014-15 academic year. Some, like Dowling College, in Oakdale, N.Y., previously failed the financial-responsibility test, while others, like Saint Joseph’s College, in Rensselaer, Ind., passed it.
          6 years ago by @prophe
           
            for-profitUSAMar2017EnglishDepartment_of_EducationFinancial
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            Financial aid crucial to admitting low-income students Standing at the center of Union College’s campus last week, senior Andrew Guyatte recalled the moment he was accepted. It wasn’t a sure thing for Guyatte, and a lot rode on how much financial support the college would offer. “I wanted somewhere that was affordable to go; that was the main goal,” said Guyatte, who is part of the college’s Academic Opportunity Program, AOP, which targets financially-needy students who likely would not make it to Union without extra financial and academic support. “I knew I had the extracurriculars and grades to get in, but the money part was concerning ... If I didn’t get financial aid I wouldn’t be able to attend,” he said. When Guyatte, a Capital Region native, received his Union acceptance letter four years ago, it came with one condition and one big promise: Join the AOP program, commit to a five-week summer program before school starts and Union will cover tuition, room and board and books. Few of Guyatte’s classmates, especially outside of the roughly 120 AOP students across all years, come from families eligible for Pell grants – federal aid that goes to students like Guyatte from families that earn less than $50,000 a year – or even close. The median family income of a Union College student is $152,600, and two-thirds of students come from families in the top 20 percent of the income scale, according to a New York Times analysis of a study by The Equality of Opportunity Project, a collaboration of Stanford and Harvard researchers, released earlier this year. Just under 15 percent of Union students this year receive Pell grants, a widely-used proxy for socioeconomic status. The numbers are even starker at Skidmore: 13 percent of its student body this year received Pell grants. The college’s median family income topped $208,000 and 72 percent of the students come from families in the top 20 percent of income, according to the Times analysis. And Skidmore is the 38th of 38 colleges in the nation with more students fro
            6 years ago by @prophe
             
              FinancialApr2017equalUSAEnglish
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