California State University says it will defer fee payments for students who have not received financial aid because of the state's budget crisis.
The state controller's office began issuing IOUs this month because the state faces a $26 billion budget deficit and is in danger of running out of cash.
One of the institutions receiving the IOUs is the California Student Aid Commission, which distributes awards known as Cal Grants to more than 60,000 low-income CSU students.
CSU said Wednesday it will defer university fee payments for the summer and fall 2009 terms for students who experience delays receiving Cal Grants.
Those students will not have to pay those fees until the aid commission begins disbursing Cal Grant funds to campuses.
Copyright The Associated Press
