Governor speeds up Cal Grant cuts for students

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(AP) – Starting this fall, college students will be getting less financial aid from California. Gov. Jerry Brown announced Thursday that he vetoed $195 million from the final budget he signed – more than $22 million of that by speeding up reductions to the Cal Grants program, which provides grants to qualified college students.

The Legislature had approved a 6 percent cut starting next fall but the governor cited the state’s financial problems for moving up 5 percent of the cut to the 2012-13 academic year. Students who qualify for the top award will see a drop of about $500 to $9,223, another roughly $150 cut in 2013-14 and then a dramatic decrease to $8,000 in 2014-15.

Students attending qualified private, for-profit schools will be cut to $4,000 starting next year.

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