9 unchanged sentences
A composite score between 1.0 and 1.4 is considered by ED to be in the “zone”.
−Removed: An institution in the “zone” may still participate in the Title IV programs as a financially responsible institution through the “zone alternative” or the “financial protection alternative” as set forth in ED regulations.
+Added: An institution in the “zone” may still participate in Title IV programs as a financially responsible institution through the “zone alternative” or the “financial protection alternative” as set forth in ED regulations.
For purposes of evaluating the financial responsibility of our institutions, including the composite score calculation, we supply consolidated financial statements to ED because ED does not review each of our institution’s financial statements separately.
11 unchanged sentences
If they do not achieve that score, they will be required to comply with either the “provisional certification alternative” or the “financial protection alternative” as a condition of continued Title IV participation.
−Removed: Under the provisional certification alternative, each of our institutions would continue to participate in the Title IV programs under provisional certification and would be required to (i) provide ED with financial protection of at least 10% of the Title IV funding that the institution received during its most recently completed fiscal year, (ii) demonstrate that the institution was current on its debt payments and has met all of its financial obligations as required under the regulations for its two most recently completed fiscal years, and (iii) continue to comply with the zone alternative requirements.
+Added: Under the provisional certification alternative, each of our institutions would continue to participate in Title IV programs under provisional certification and would be required to (i) provide ED with financial protection of at least 10% of the Title IV funding that the institution received during its most recently completed fiscal year, (ii) demonstrate that the institution was current on its debt payments and has met all of its financial obligations as required under the regulations for its two most recently completed fiscal years, and (iii) continue to comply with the zone alternative requirements.
Under the financial protection alternative, each of our institutions would be required to provide financial protection of at least 50% of the Title IV funding that it received during its most recently completed fiscal year.
2 unchanged sentences
Eligibility for SARA is determined separately for each of our institutions by the SARA portal agency in the institution’s home state.
−Removed: If the respective SARA portal agency for APUS, RU, or HCN were not to renew the institution’s approval due to a low composite score, we would need to obtain approval or exemptions in states in which the affected institution offers distance education programs or discontinue the affected institution’s offerings to students in such states.
+Added: If the respective SARA portal agency for APUS, RU, or HCN were not to renew the institution’s approval due to a low composite score, we would need to obtain approval or
+Added: exemptions in states in which the affected institution offers distance education programs or discontinue the affected institution’s offerings to students in such states.
In addition, some states have adopted financial standards that are similar to ED’s composite score, which means an affected institution may be unable to obtain licensure in that state if it were to lose SARA participation.
3 unchanged sentences
Our marketing strategy for APUS traditionally focused on building long-term, mutually beneficial relationships with businesses, other organizations, and individuals in military, military-affiliated, and public service communities.
−Removed: We must continue to develop and expand marketing channels that attract college-ready students unaffiliated with the military who may perform well at APUS, including given limitations on access to military students, as discussed further below under the Risk Factor that begins “If APUS does not have strong relationships with, and access to, various military installations...”, and a continued focus on efforts to attract students outside of the military, including in order to maintain compliance with the 90/10 Rule.
+Added: We must continue to develop and expand marketing channels that attract college-ready students unaffiliated with the military who may perform well at APUS, including in order to maintain compliance with the 90/10 Rule, while continuing to attract military and military-affiliated students.
However, we have experienced challenges attracting such students, and there is no assurance that we will be able to do so on a cost-effective basis or to prevent a further decline in non-military enrollments at APUS.
9 unchanged sentences
Accordingly, our business, results of operations, and financial condition could be impacted.
+Added: RU’s planned and actual closure of campuses or termination of programs on certain campuses may adversely impact RU and us.
+Added: Effective July 1, 2024, RU closed its Lake Elmo, Minnesota campus and moved all enrolled students at the campus to RU’s Eagan, Minnesota campus, which is located less than 10 miles from the Lake Elmo campus.
+Added: There can be no assurance that students will find the transfer suitable.
+Added: In addition, in May 2024, RU notified the Wisconsin Educational Approval Program, or EAP, that it intends to voluntarily close its Green Bay and Wausau, Wisconsin campuses, effective December 31, 2025, and 2026, respectively.
+Added: Taken together, these actions are expected to directly impact approximately 90 students, or less than 1% of RU’s current total enrollment.
+Added: RU’s Bloomington, Minnesota ADN program had been subject to adverse action and heightened scrutiny from regulators as a result of a continued failure to meet applicable regulatory and accreditor requirements.
+Added: In August 2023, RU decided to voluntarily pause new enrollments beginning in November 2023.
+Added: On December 29, 2023, RU informed the Minnesota Board of Nursing, or MBN, that it intends to voluntarily close the Bloomington, Minnesota ADN program, effective June 15, 2024.
+Added: The MBN approved the voluntary closure of the Bloomington, Minnesota ADN program at its February 1, 2024 meeting.
+Added: For all students enrolled in the Bloomington, Minnesota ADN program graduating after June 2024, their enrollment
+Added: record was transferred to RU’s St.
+Added: Cloud, Minnesota ADN program.
+Added: As of June 30, 2024, there are no longer any enrollments in this program.
+Added: As RU evaluates its other campuses and programs, it could make similar consolidation and closure decisions about other campuses or programs.
+Added: The closure of RU’s Green Bay and Wausau, Wisconsin and Lake Elmo, Minnesota campuses, its Bloomington, Minnesota ADN program, or any consolidation and closure of other campuses or programs may have an adverse impact on RU’s enrollments and reputation, which could further impact RU’s enrollments, operations, cash flows, and financial condition.
+Added: Consolidation and closure decisions could also adversely impact online enrollment in the areas surrounding the closed campuses.
+Added: In addition, any future consolidation and closure could have a more significant impact on RU’s overall student body than these closures.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.