CA AB1590

Removes "campus-based" designation from federal programs required for private/independent institutions to qualify as Cal Grant-eligible institutions.

Replaces the Perkins Loan Program with the Stafford Loan Program as one of the qualifying federal student aid programs for private postsecondary institutions.

Changes the certification deadline for institutions' cohort default rates and graduation rates from October 1 to November 1 each year.

Defines graduation rate as the percentage of full-time, first-time degree- or certificate-seeking undergraduate students who graduate within 150% or less of expected time to complete degree requirements, as reported by the U.S. Department of Education.

Makes conforming changes to clarify Cal Grant Program eligibility rules and institutional participation requirements established by prior budget acts.