"California plans to begin issuing billions of dollars in IOUs today to scores of creditors, including private businesses and county governments. ... [T]he University of California has not yet decided whether it will front the money for educational Cal Grants, another program that will get IOUs," San Francisco Chronicle reports. "The controller will issue IOUs to the California Student Aid Commission, which administers Cal Grants, the state-funded financial aid that helps about 143,000 students attend college. Grants top out at $7,788 for a state college and $9,708 for a private one. 'If I'm not able to get it, I might have to take a leave of absence from school to work and pay for tuition,' said UC Santa Cruz senior Tommy Le, who works two jobs on campus and helps support his family. 'Our state is divesting from students. It's heartbreaking.' In the past when state budgets have been late, UC and CSU have advanced the grant money to students, interest-free."