public statement on college for financial planning …...college for financial planning january 23,...
TRANSCRIPT
Public Statement on College for Financial Planning
January 23, 2017
On January 19, 2017, the Higher Learning Commission (HLC) Board of Trustees voted to approve the Change of Control application concerning University of Phoenix, Western International University, and College for Financial Planning. The action comes as a result of parent company Apollo Education Group’s (AEG) proposed merger with Socrates Merger Sub and AP VIII Queso Holdings to become the parent group of AEG and ultimate parent of these three institutions. The effect of this decision will be to assure the extension of accreditation after Queso Holdings assumes control of AEG.
HLC will continue to monitor the institutions to help ensure that the applications’ promises and HLC’s conditions of approval are met.
The HLC Board approved the application subject to a number of conditions, in addition to the conditions outlined in the U.S. Department of Education (USDE) preacquisition letter from December 7, 2016. The HLC conditions include each institution hosting a peer review visit within six months of the transaction close to focus on delivery of any commitments made in the Change of Control application. The visit also will evaluate compliance with HLC’s Core Components. All three institutions will submit quarterly reports to HLC including the following information:
• Enrollment • Quarterly financials • Information regarding any governmental investigation, enforcement actions, or
settlements • Student retention and completion measures • Copies of any information sent to the USDE
HLC monitoring will continue as long as the USDE maintains its reporting requirement. About the Higher Learning Commission The Higher Learning Commission accredits approximately 1,000 colleges and universities that have a home base in one of 19 states that stretch from West Virginia to Arizona. HLC is a private, nonprofit regional accrediting agency. HLC’s mission is to assure and advance the quality of higher learning. It is recognized by the U.S. Department of Education and the Council for Higher Education Accreditation. The institutions HLC accredits include public, private not-for-profit, and proprietary institutions at degree levels from the associate’s through the doctoral degree level and from small, specialized institutions through large research universities. Students, parents, and others from the general public with questions regarding HLC’s work should contact the Higher Learning Commission by email at [email protected] or by phone at 312-263-0456.