Postsecondary education: institutional financial aid.

Existing law establishes the California Community Colleges, under the administration of the Board of Governors of the California Community Colleges, the California State University, under the administration of the Trustees of the California State University, the University of California, under the administration of the Regents of the University of California, independent institutions of higher education, and private postsecondary educational institutions as the segments of postsecondary education in the state. Existing law requires the California State University, and requests the University of California, to annually report, on or before March 31, to the Legislature on their respective institutional financial aid programs. This bill would additionally require private nonprofit colleges and universities located in California that enroll 500 or more undergraduate students to provide these reports to the Legislature on their institutional financial aid programs. The bill would add the percentage of students graduating with $10,000 or more in debt and prescribed information related to the size of financial aid packages to the data required to be included in these reports. The bill would also require all California-based postsecondary educational institutions with endowment funds where the ratio of endowment dollars to enrolled students exceeds 200,000 to 1, or where the total endowment exceeds $1,000,000,000, to report designated information to the Legislature on their respective college endowment funds on or before March 31 of each odd-numbered year, commencing in 2023.