"Zovio asked the Department to conduct an abbreviated preacquisition review of its proposed change in ownership of Ashford and its conversion to nonprofit status. The Department's abbreviated preacquisition review letter indicated that within ten days of the change in ownership, it would require Ashford to post an irrevocable letter of credit for approximately 25 percent of the Title IV funding amount during fiscal year 2018. This letter of credit would expire on March 31, 2021, unless extended or replaced as determined by the Department. Zovio continues to evaluate potential courses of action, which includes the possible sale of Ashford to other institutions.'
https://www.marketwatch.com/press-release/zovio-outlines-response-from-the-us-department-of-education-regarding-proposed-change-in-ownership-of-ashford-university-2019-10-07?siteid=nbsh