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March 15, 2016

Nearly 100 Nonprofit Colleges Flunk Federal Financial Exam

Ninety-four nonprofit colleges and universities failed to meet federal standards for financial health in the 2013-14 academic year, The Chronicle of Higher Education reports.

The Education Department's financial-responsibility test takes into account debts and assets and other factors in scoring some 1,900 private colleges that receive federal student aid on a scale of minus 1 to 3. A score lower than 1.5 is considered a failing grade. The number of failing nonprofit institutions declined from 108 in 2012-13, while the count of for-profit colleges with weak finances rose from 50 to 66.