Company: LGCY
Filing Date: 2025-09-25
Form Type: 10-K
Source: 0001493152-25-014945
Chunk: 389

Company: Legacy Education Inc.
Filing Date: 2025-09-25
Form: 10-K
Item: Item 1A
Chunk 389
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 new campuses. Effective July 1, 2024, ED has discretion to condition the participation of provisionally certified
schools by restricting or limiting the addition of new programs or locations. If ED chose to impose such a condition on one or more of
our institutions, that could negatively impact our expansion plans.

A
student may use Title IV Program funds only to pay the costs associated with enrollment in an eligible educational program offered by
an institution participating in the Title IV Programs. Generally, unless otherwise required by ED or regulation, an institution that
is eligible to participate in the Title IV Programs may add a new educational program without ED approval. Institutions that are provisionally
certified may be required to obtain approval of certain educational programs. Our Integrity and CCMCC institutions are provisionally
certified and required to obtain prior ED approval of new locations and educational programs. If an institution erroneously determines
that an educational program is eligible for purposes of the Title IV Programs, the institution would likely be liable for repayment of
Title IV Program funds provided to students in that educational program. Our expansion plans are based, in part, on our ability to add
new educational programs at our existing schools and make periodic updates to our programs.

In
addition to ED, some of the state education agencies and our accreditors also have requirements that may affect our schools’ ability
to open a new campus, establish an additional location of an existing institution or add or change educational programs. Approval by
these agencies may be conditioned, delayed or denied and could be negatively impacted due to regulatory inquiries or reviews and any
adverse publicity relating to such matters or the industry generally.

If
our students’ access to financial aid from state sources, from federal sources other than the Title IV Programs, or from alternative
loan programs is lost or reduced, it could impact our results of operations.

Some
of our students receive financial aid from federal sources other than the Title IV Programs, such as programs administered by the U.S.
Department of Veterans Affairs and under the Workforce Innovation and Opportunity Act. In addition, some of our students receive state
financial aid in the form of grants, loans or scholarships. The eligibility and compliance requirements for these federal and state financial
aid programs are extensive and vary among the funding agencies and by program. Our failure to comply with legal requirements applicable
to federal and state financial assistance programs could result in repayment liabilities, sanctions, or loss of eligibility to participate
in those programs which could impact our results of operations and also impact our