As National American U faces possible closure, Ed Dept tightens oversight - Ben Unglesbee, Education Dive

For-profit college operator National American University Holdings (NAUH) said in a quarterly earnings report filed Monday that it came up short of the U.S. Department of Education's financial responsibility standards for receiving student aid through the Title IV program. According to NAUH, the department said in a letter received March 8 that it must post a letter of credit for either 50% ($36.7 million) or 15% ($11 million) of its Title IV awards in order to continue participating in the program. In the latter case, the university would receive provisional certification. The department did not immediately respond to Education Dive's request for more information. https://www.educationdive.com/news/as-national-american-u-faces-possible-closure-ed-dept-tightens-oversight/552830/