Grand Canyon Education, Inc. reports to SEC that it failed DOE's "Gainful Employment" Test

The for-profit educator's Form 8-K, dated August 29th, states in pertinent part:

Gainful employment issue. The preliminary program review report sets forth the Department of Education’s position that the University’s Bachelor of Arts in Interdisciplinary Studies program was not an eligible program under Title IV because it did not provide students with training to prepare them for gainful employment in a recognized occupation. While the University is pleased that the gainful employment issue, which originally focused broadly on all programs offered within the University’s College of Liberal Arts, is now focused on a single program, the University continues to believe that its Interdisciplinary Studies program, which it first offered in Fall 2007 in response to a request by one of the University’s employer-partners, was an eligible program and intends to communicate with the Department of Education to resolve the matter.
The complete Form is available at: http://sec.gov/Archives/edgar/data/1434588/000095012311080731/c21980e8vk.htm