California Suspends Student Aid to Heald College Chain

February 16, 2015

The California Student Aid Commission has suspended state student aid for those enrolled at the 10 California campuses of the for-profit Heald College chain, The Sacramento Bee reported. The commission said that Heald had failed to submit documents required to show that it is financially stable. The move by the commission halted about $1 million in payments to Heald, a figure that could reach $14 million by June. Heald officials criticized the move and said that they had hired a new accountant. Heald officials also said the move could endanger the sale of Heald, which is part of the Corinthian Colleges group, which has faced severe financial and regulatory difficulties and has been selling off some parts of its operations. Heald has been considered one of the more attractive assets that Corinthian might sell off.

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