Judging by the most recent available tax forms, South University looks dead, fueled only by government funds and the pain of student debtors.
https://projects.propublica.org/nonprofits/organizations/815128459
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In terms of student debtors, two years after being in repayment, only 9 percent are making progress in paying back their loans, with another 3 percent paid in full or discharged.
https://collegescorecard.ed.gov/school/?139579-South-University-Savannah
From 2109 to 2020, net assets moved from +$37 million to -$14 million. In 2020, $77 million in assets. $92 million in liabilities. Those $77 million in assets include $20 million in student receivables (who knows how much is recoverable?). In terms of profit/loss in 2020: $6 million loss with a (new) additional $7.5 million debt payment (part of a $50 million debt obligation to Blue Ridge Bank through the Federal Reserve Main Street Loan Program). A $35 million balloon payment in 2025 (of South can survive that long). Most of that Main Street Loan ($44 million) went back to Education Principle Foundation (EPF) to pay off a loan to them. $20 million in revenues goes to Studio Enterprise for services. But the largest expense by far is employee compensation, $87 million.