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Independence University is planning to lay off most of its staff within the next 60 days due to a lack of funds coming from the Department of Education, according to a message sent to employees obtained by Republic Report.

Paul Gardner, interim CEO of the Center for Excellence in Higher Education, which operates Independence University, said the institution hasn't received any cash from the department since early May due to slow processing of its heightened cash monitoring funds.

A spokesperson for the department confirmed that Independence University has been placed on heightened cash monitoring 2, meaning that it no longer receives funds in advance and will only be reimbursed after it makes disbursements to students from its own institutional funds. Institutions are placed on HCM as a result of compliance issues.

"We will continue to perform and deliver the best education we can to all students," Gardner said. "However, we are required to notify most of you that your service with CEHE will be ending."

Independence University plans to continue providing education and services to approximately 7,000 students without funding.