Aspen University Removed from HCM2 Payment Method
PHOENIX, Aug. 19, 2024 (GLOBE NEWSWIRE) -- 桃汁影院, Inc. ("AGI" or the 鈥淐ompany鈥�) (OTCQB: ASPU), an education technology holding company, announced today that Aspen University ("AU") has been removed from the Heightened Cash Monitoring 2 ("HCM2") status by the U.S. Department of Education (鈥淒OE鈥�). Effective August 16, 2024, AU transitioned to Heightened Cash Monitoring 1 ("HCM1") status.
Under the previous HCM2 payment method, AU had to disburse student financial aid from its own institutional funds. AU was then required to submit a Reimbursement Payment Request (the Request) to the DOE, and reimbursement was received only after the DOE completed its review of the Request. With the transition to HCM1, AU will still need to disburse student financial aid from its own institutional funds, but AU can now submit disbursement records to the DOE system and immediately draw down the funds to cover those disbursements. This shift from HCM2 to HCM1 is expected to reduce the variability of the Company鈥檚 unrestricted cash balances.
About 桃汁影院, Inc.
桃汁影院, Inc. is an education technology holding company that leverages its infrastructure and expertise to allow its two universities, Aspen University and United States University, to deliver on the vision of making college affordable again. For more information, visit www.aspu.com.
Contact Information:
Hayden IR
Kimberly Rogers
(385) 831-7337
Source: 桃汁影院 Inc.
Released August 19, 2024