A total of 10 colleges in the state that may now be facing more federal oversight following a financial responsibility test. They may also be required to post a letter of credit to continue to receive federal financial aid for their students, according to the report.
The test is conducted annually, and this year’s financial data ranges from 2010-11, according to the report. Schools are evaluated based on that data and assigned grades ranging from -1 to +3, according to the report. Any school scoring 1.5 or above passed the test.Rider scored a 2.7.
Some school officials told nj.com the test is unfair because they feel it doesn’t accurately represent a school’s financial health. Some claim they are already working to fix their problems, while others claimed the data used is outdated or flawed.