finance

The Philadelphia School Reform Commission moved Monday to borrow $300 million to bridge a massive deficit, emphasizing the bond deal will probably be the district's last for several years. In a brief, sober meeting, the commission approved a tough five-year financial plan for the district as a prelude to the bond sale to cover a deficit of more than $200 million in the current $2.5 billion budget, as well as a shortfall anticipated in the fiscal year that begins next July 1.

Robert Gagnon, who was named an assistant superintendent just six months ago, is now serving as the interim superintendent of schools as the Manatee County School Board searches for a superintendent who can clean up the mess Tim McGonegal left behind with an immediate resignation Monday.

U.S. Education Secretary Arne Duncan is urging colleges and universities to adopt an easy-to-understand financial aid form to help students make smarter decisions on where to study, how to pay and determine what they'll owe.

The Springfield (Mo.) School District say it's making progress after a critical audit earlier this year.

The U.S. Education Department denied South Carolina's request to further appeal a $36 million penalty for not spending enough on special education during the economic downturn, meaning the cut could continue indefinitely.

Financially struggling schools nationwide are increasing the volume of advertising that children see in the halls, at football games and even on their report cards.

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