---
schema_version: "secwatch.filing_event.v1"
accession: "0001553350-23-000093"
form_type: "8-K"
ticker: "ASPU"
cik: "0001487198"
company_name: "ASPEN GROUP, INC."
filed_at: "2023-02-09T23:59:59+00:00"
generated_at: "2026-06-19T20:04:51.089942+00:00"
event_type: "regulatory"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Aspen University placed on Heightened Cash Management 2 by DOE, delaying federal aid reimbursements

## Summary
- DOE placed Aspen University subsidiary on HCM2 effective Feb 7, 2023, citing Show Cause Directive from accreditor.
- Under HCM2, Aspen must use own funds for student disbursements and submit reimbursement requests to DOE.
- First DOE reimbursement estimated late March 2023; subsequent requests every 30 days.
- Delays possible if DOE findings on reimbursement files; no immediate financial impact quantified.

## SEC filing metadata
- accession: 0001553350-23-000093
- form_type: 8-K
- ticker: ASPU
- cik: 0001487198
- company_name: ASPEN GROUP, INC.
- filed_at: 2023-02-09T23:59:59+00:00
- event_type: regulatory
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1487198/000155335023000093/0001553350-23-000093-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1487198/000155335023000093/aspu_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001553350-23-000093
- JSON: https://secwatch.observer/filing/0001553350-23-000093.json
- Plain text: https://secwatch.observer/filing/0001553350-23-000093.txt

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