In our industry, let's face it; we depend on Title IV funds (Federal loans and grants) for our revenue. So my confusion lies with why a new company, with no Title IV compliance experience (or very little), would totally close an effective compliance department? These are smart businessman with ECMC; someone must have asked this question. "Why eliminate a department with over 150 years financial aid experience if they ensure we follow all Federal regulations so we can get paid by the Feds?" Again, remember this is where we get the majority of our income, why jeopardize it by RIFTING all the people who have the experience and knowledge to ensure we are legally receiving that money?
Not being a CEO, I can't understand this. The only answer I can come up with is ECMC did not intend to remain open long enough to care. They felt rookies could be taught Financial Aid on the fly. ECMC has never wanted to be in the school business. They are DEBT COLLECTORS, and will always be DEBT COLLECTORS. This is just a way to build their real business for the future. So, if you are confused by what is happening, I hope I have provided you some clarity. We were lied to from the start!