In recent weeks, there had were several signs that the college’s finances were unraveling.
Among those signs: a $4.6 million court judgment imposed against Dade Medical in a federal lawsuit over student loans, an announcement that the school would eliminate its signature nursing associate’s degree program at three campuses and an internal email indicating that the school’s most recent paychecks had bounced.
Additionally, the U.S. Department of Education, source of nearly 90 percent of Dade Medical’s revenue through loans and Pell grants, conducted a recent on-site inspection of the school and afterward placed it on a special “heightened cash monitoring” status. That change slowed the flow of federal dollars, the lifeblood of any for-profit college.
HERE IS THE IMPORTANT PART OF THE STORY, READ MY BLOG ON THE ERIC FRESEN Connection -- he did all he could for Ernesto Perez, what a putz, both of them. The former Mayor of Coral Gables also was involved with the school.