More Colleges Fail Controversial ‘Financial Responsibility’ Test

The number of degree-granting private colleges that failed the U.S. Department of Education’s "financial responsibility" score for the 2012 fiscal year was slightly higher than in the previous year, data released on Wednesday show.

Among nonprofit colleges, 118 failed to pass, compared with 116 in 2011. Among for-profit colleges, 50 had scores below passing, versus 34 in the previous year.

The scores, based on a calculation that takes into account such factors as