Bridgepoint Education gets more time to file compliance report
July 31 (Reuters) - For-profit education provider Bridgepoint Education Inc said the accreditation body for its university has postponed its visit and extended the submission deadline for a compliance report.
Bridgepoint Education's Ashford University came under early review by its accreditation body, Higher Learning Commission (HLC), after the university was denied accreditation by another agency.
Ashford University is now permitted to submit the report in two phases, with the first phase due by August 31, and the second phase due by Sept. 21, Bridgepoint Education said in a regulatory filing. It was previously asked to submit the compliance report by August 10.
Ashford University can now host the advisory visit by the HLC in the week of Oct. 22. It was previously required to host the visit by Oct. 9.
HLC has also asked Ashford to show by Dec. 1 how it plans to demonstrate substantial presence in the 19-state north central region in case it is not able to migrate to another accreditation body.
If the HLC does not accept Ashford's plans in its February meeting, it can start the process of reconsidering its accreditation.
A loss of accreditation can cut Ashford's access to federal student aid, which would severely harm Bridgepoint's earnings.
Shares of the company closed at $9.10 on Tuesday on the New York Stock Exchange.
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