10 Miss. Code. R. 201-3.14 - Institution/Entity Closure

A. Planned Closure

Approval will be withdrawn after all actions involved in the closure have been completed. When an institution or entity plans a closing, institution or entity officials must communicate their plan to include teach-out plans and agreements to the Commission and all parties concerned including current and former students, faculty and staff, accrediting bodies, Closed School Unit at the United States Department of Education (where federal financial aid is involved), and all affected lending agencies. It is advisable that the institution or entity provide each current and former student with a copy of their final transcript and review with them their financial records and tuition refund information.

a. When an authorized postsecondary educational institution or entity proposes to discontinue its operation, the institution or entity shall notify the Commission and submit a Closing an Institution application within sixty (60) days.
b. An institution or entity that will cease operations shall maintain sufficient and qualified faculty, staff, and equipment to teach all courses to all currently enrolled students, regardless of the size of the class, until such time as the institution or entity closes.
c. An institution/entity and its owners are jointly and separately responsible to arrange at their expense for the storage and safekeeping of all student records required to be maintained and destruction of records not required to be maintained. This includes paying the costs of the transfer of records to the third-party repository and for the costs of maintaining the records.
d. Neither the Commission nor the Mississippi Institutions of Higher Learning shall store or maintain records.
B. Unplanned Closure

In the event of an unplanned closure (without proper notification and process), the Commission will immediately revoke approval of the institution or other entity upon learning of the unplanned closure. Such a revocation status shall be maintained as part of the Commission closure file on the institution or entity and any individuals directly involved, including, but not limited to, the owners, incorporators, chief executive officer, director, and board chair.

a. An institution/entity and its owners are jointly and separately responsible to arrange at their expense for the storage and safekeeping of all student records required to be maintained and destruction of records not required to be maintained. This includes paying the costs of the transfer of records to the third-party repository and for the costs of maintaining the records.
b. Neither the Commission nor the Mississippi Institutions of Higher Learning shall store or maintain records.

Notes

10 Miss. Code. R. 201-3.14
Adopted 6/12/2023 Amended 2/19/2024 Amended 6/6/2025

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