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For-Profit Colleges Facing Funds Loss Fight Aid Limit

For-profit colleges are urging the U.S. Congress to change a law that threatens their access to billions of dollars in federal student aid, the companies’ biggest source of revenue.

Education companies that get more than 90 percent of their revenue from the Education Department’s student grants and loans for two years in a row may lose eligibility for the money under the law. Apollo Group Inc., operator of the University of Phoenix and the biggest U.S. for-profit college, and Santa Ana, California-based Corinthian Colleges Inc. have said they may violate the limit next year.