---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-22-018082"
form_type: "8-K"
ticker: "LINC"
cik: "0001286613"
company_name: "LINCOLN EDUCATIONAL SERVICES CORP"
filed_at: "2022-05-06T23:59:59+00:00"
generated_at: "2026-06-25T22:53:48.526107+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Lincoln Educational cites ~$80M cash, zero debt; 2021 student starts up 10.7%

## Summary
- FY 2021 ended with ~$80M cash, no outstanding debt, and $11M revolver available.
- Q4 2021 student starts ~2,700; average population grew ~650 vs. prior-year quarter.
- Total students enrolled ~13,100 across 22 campuses as of Dec 31, 2021.
- 2018 cohort default rate 9.8%; 90/10 revenue ratio 75%; composite score 3.0.
- Monetized real estate via sale-leaseback; plan to blend 25% online instruction.

## SEC filing metadata
- accession: 0001140361-22-018082
- form_type: 8-K
- ticker: LINC
- cik: 0001286613
- company_name: LINCOLN EDUCATIONAL SERVICES CORP
- filed_at: 2022-05-06T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 5.07, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1286613/000114036122018082/0001140361-22-018082-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1286613/000114036122018082/brhc10037319_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-22-018082
- JSON: https://secwatch.observer/filing/0001140361-22-018082.json
- Plain text: https://secwatch.observer/filing/0001140361-22-018082.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.