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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KION CHANNEL 5