The Illinois Board of Higher Education is investigating Morthland College due to the school's inability to access federal student aid funds.
In addition to denying access to the funds, the U.S. Department of Education earlier this year fined the private Christian liberal arts college for an alleged "breach of fiduciary duty."
A Sept. 11 letter from Illinois Board of Higher Ed deputy director Daniel Cullen to college President says the Education Department fined the school nearly $2 million.
Cullen's letter states the IBHE investigation is the first step in what could lead to an end to the West Frankfort school's existence.
Timothy Eaton of Transnational Association of Christian Colleges and Schools says a review of Morthland is underway, adding the college has cooperated with the review.
