As a result, they tend to graduate students with higher debt than those institutions, according to the College Board Advocacy and Policy Center, an arm of the College Board, whose membership includes not-for-profit private and public colleges.

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Actually piloting the robo-bug is achieved through a smartphone app, but an on-board ARM-based microcontroller makes small adjustments to ensure stability during flight.

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"This is definitely an area of focus for us, " said a spokesman for the regulatory arm of the Big Board.

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