California State University campuses are withholding grants to about 20,000 graduate students with financial need, The San Francisco Chronicle  reported. The grants typically cover tuition for the students, and Cal State is instead offering the students a federal loan with a 6.8 percent interest rate. Cal State officials cite looming state budget cuts, which they say require them to hold on to their cash for now, while they consider all options. Graduate students say that many be unable to enroll without the grants. One student told the newspaper: "I was horrified. I started crying once I realized it was happening to everyone."