Last Friday they laid off an entire department. The appeals department. Today they have laid off half of their financial aid department. Doesn’t look good for American public university
Has there been more layoffs today or was yesterday it? Does anybody know if more is expected any time soon?
Closing the 90/10 loophole some time in 2023 means that APEI has about two years to figure something out. Grantham University already gave up and sold the school for $1 to University of Arkansas System.
https://www.arkansasonline.com/news/2021/aug/12/1-deal-to-add-online-school-to-university-of/
According to the 2nd Quarter earnings call transcript for APEI, they made a ' modest but strategic reduction in headcount, along with other non-labor cost savings that are expected to result in between $5 million and $6 million in savings'. This was to make up for $17 million the Army didn't pay them.
Something's not adding up if they are paying $6 million in severance to save $5-6 million. And it definitely isn't surprising they would pay that kind of money to get people to sign a severance agreement.
I’ve been told that 6 million was spent in severance. Sounds pretty substantial.