The federal government’s decision not only ends California’s hope of raising immediate cash for the state budget through the sale of EdFund, but threatens an annual source of millions of dollars that have gone toward grants for low-income students in recent years. The Legislature was counting on EdFund profits to pay for $100 million in Cal Grants this year. Much of that money is in reserves and does not appear to be at risk, though the state would not be able to rely on EdFund for future revenues.

Read full article [here].
by Kevin Yamamura, The Sacramento Bee.

Posted: July 30th, 2010, by: admin. Categories: . Awaiting Comments.