PHOENIX, Aug. 19, 2024 (GLOBE NEWSWIRE) — Aspen Group, Inc. (“AGI” or the “Company”) (OTCQB: ASPU), an education technology holding company, today announced that Aspen University (“AU”) has been de-certified by the U.S. Department of Education (“DOE”) from Heightened Cash Monitoring 2 (“HCM2”) status. Effective August 16, 2024, AU transitioned to Heightened Cash Monitoring 1 (“HCM1”) status.

Under the previous HCM2 payment method, the AU was required to disburse student aid from its own institutional funds. The AU was then required to submit a request for reimbursement payment (the Request) to the DOE, and reimbursement was not made until the DOE completed review of the Request. With the transition to HCM1, the AU must continue to disburse student aid from its own institutional funds, but the AU can now submit disbursement documents to the DOE system and immediately retrieve the funds to cover those disbursements. This change from HCM2 to HCM1 is expected to reduce the variability of the entity’s unrestricted cash balances.

About Aspen Group, Inc.

Aspen Group, Inc. is an educational technology holding company that uses its infrastructure and expertise to help its two universities, Aspen University and United States University, realize the vision of making college affordable again. For more information, visit www.aspu.com.

Contact information:

Hayden IR
Kimberly Rogers
(385) 831-7337
[email protected]