150 nonprofit colleges fail Education Department’s test of financial strength — from The Chronicle by Goldie Blumenstyk and Alex Richards
A total of 150 private nonprofit colleges failed the U.S. Department of Education’s “financial-responsibility test” based on their condition in the 2009 fiscal year, data released on Thursday show. That’s 23 more than the 127 that failed the test in the 2008 fiscal year, and an increase of about 70 percent over the number of degree-granting institutions that failed two years ago.