The U.S. Department of Education has released data for the 2013 fiscal year for its financial responsibility test. All private colleges that award federal student aid must participate in the test, which is based on information from their audited financial statements.
The department develops a composite score on a scale of negative 1.0 to positive 3.0, based on financial ratios that measure factors such as net worth, operating losses, and the relationship of assets to liabilities. Institutions with scores of 1.5 to 3 pass. Those with lower scores are subject to additional oversight and, in some cases, must post letters of credit.
DeSales University scored a 3.0 in the test.
Information was reported by The Chronicle of Higher Education.
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