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related topics |
{regulation, government, change} |
{operation, natural, condition} |
{financial, litigation, operation} |
{loan, real, estate} |
{product, market, service} |
{personnel, key, retain} |
{investment, property, distribution} |
{product, candidate, development} |
{acquisition, growth, future} |
{provision, law, control} |
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Risks Related to Our Highly-Regulated Industry
Failure of our institutes to comply with the extensive regulatory requirements for school operations could result in financial penalties, restrictions on our operations, loss of federal and state financial aid funding for our students or loss of our authorization to operate our institutes
Action by the U.S. Congress to revise the laws governing the federal student financial aid programs or reduce funding for those programs could reduce our student population and increase our costs of operation
One or more of our institutes may lose its eligibility to participate in Title IV Programs, if its student loan default rates are too high
We may be required to post a letter of credit or accept other limitations in order to continue our institutes participation in Title IV Programs, if we or our institutes do not meet the ED s financial responsibility standards
One or more of our institutes may have to post a letter of credit or be subject to other sanctions, if it does not correctly calculate and timely return Title IV Program funds for students who withdraw before completing their program of study
One or more of our institutes may lose its eligibility to participate in Title IV Programs, if the percentage of its revenue derived from those programs is too high
One or more of our institutes may lose its eligibility to participate in Title IV Programs, if it teaches too many of its courses through distance education or is not determined to be capable of effectively delivering distance education programs
Failure by one or more of our institutes to satisfy the ED s administrative capability requirements could result in financial penalties, limitations on the institute s participation in Title IV Programs, loss of Title IV Program funds for its students or the repayment of Title IV Program funds received by our students
We are subject to sanctions if we pay impermissible commissions, bonuses or other incentive payments to individuals involved in certain recruiting, admission or financial aid activities
We cannot open new institutes or learning sites or offer new programs if they are not timely approved by our regulators, and we may have to repay Title IV Program funds disbursed to students enrolled at any of those locations or in any of those programs if we do not obtain prior approval
A high percentage of the Title IV Program loans that our students receive are made by two lenders and guaranteed by one guaranty agency
The ability of the affected institutes to participate in Title IV Programs or operate may be impaired, if regulators do not timely approve a change in control of us or any of our institutes
Government and regulatory agencies and third parties may bring claims or actions against us based on alleged violations of the extensive regulatory requirements, which could require us to pay monetary damages, receive other sanctions and expend significant resources to defend those claims or actions
Investigations, claims and actions against companies in our industry could adversely affect our business and stock price
Budget constraints in states that provide state financial aid to our students could reduce the amount of such financial aid that is available to our students, which could reduce our student population
Risks Related to Our Business
If we fail to effectively identify, establish and operate new institutes and learning sites, our growth may be slowed
Our success depends, in part, on our ability to effectively identify, develop, obtain approval to offer and teach new and/or higher-level degree programs in a cost-effective and timely manner
Our success depends, in part, on our ability to keep pace with changing market needs and technology
Our financial performance depends, in part, on our ability to continue to develop awareness and acceptance of our programs among high school graduates and working adults
The vast majority of private student loans received by our students are made by one lender and serviced by one loan servicer
Our loss of key personnel could harm our business
Competition could decrease our market share, cause us to reduce tuition or force us to increase spending
High interest rates could adversely affect our ability to attract and retain students
Our quarterly results of operations are likely to fluctuate based on our seasonal student enrollment patterns
Terrorist attacks and other acts of violence or war could have an adverse effect on our operations
Natural disasters and other acts of God could have an adverse effect on our operations.
Anti-takeover provisions in our charter documents and under Delaware law could make an acquisition of us more difficult
If we are unable to conclude successfully the litigation pending against us, our business, financial condition and results of operations could continue to be adversely affected
Full 10-K form ▸
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