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Oregon cuts back free tuition promise

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Oregon last year became one of the first states to make tuition free for new students at community colleges.

Now, the state can't fully fund the program, meaning some students won't be able to participate this fall.

For the Oregon Promise program, lawmakers promised $40 million over a two-year period. That was despite a known $8 million shortfall. Still, the state expects to award scholarships to four out of five of the new eligible applicants.

Read more from CNNMoney.

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