KION CHANNEL 5: Heald College students face financial uncertainty

Career College Central Summary:

  • Students at Heald College statewide and in Salinas are facing financial uncertainty right now. That’s because the state is withholding grant money while the school’s finances are under investigation.
  • It’s a long story that began last year when the for-profit Corinthian Colleges, the parent company of Heald, Everest and WyoTech Colleges, couldn’t provide the paperwork to show it was financially stable. It struck a deal with the Department of Education to sell of its 90 campuses around the country.
  • But, it still cannot prove its financial stability, prompting the California Student Aid Commission to temporarily withhold student grants, known as Cal Grants. These most often pay for tuition and books.
  • William Mangum is a student who depends on financial aid to pay for the business entrepreneur program that he's part of. He’s worried about what will happen to him and his classmates.
  • “I just know not a lot of people get the money for financial aid,” Mangum said. “We really don’t know what’s going on.”
  • Corinthian Colleges sent KION a statement reading:
  • “We are surprised and disappointed by CSAC's actions. We have been working to sell the schools in an effort to provide a soft landing for Heald’s students, faculty and staff. We are currently operating under the supervision of a monitor appointed pursuant to an Operating Agreement with the US Department of Education and we provide that monitor with weekly cash flow statements. We intend to vigorously oppose CSAC’s actions."

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