Bridgepoint Education's (NASDAQ:ZVO) Ashford University has received some good news ... and some bad news. Under purview of The Board of Trustees of the Higher Learning Commission of the North Central Association of Schools and Colleges (HLC), Ashford University remains accredited, but may soon lose it. 

In a letter dated February 27, 2013, the HLC noted that Ashford University has not created a "substantial presence" in the HLC region -- which may be reason enough for the Commission to strip the college of its accreditation.

However, HLC recognized that Ashford is actively engaged in addressing accreditation concerns. The University has already filed a plan to ensure compliance by July 10, 2013, the date of the University's interim jurisdiction report. Moreover, the University is engaged in seeking accreditation from the Western Association of Colleges and Schools for Senior Colleges and Universities (WASC).

HLC noted several other accreditation concerns that will require Ashford to submit additional written reports, evaluations, and site visits throughout the remainder of 2013.

In Bridgepoint's press release, the company assures that Ashford University has listened to HLC and WASC feedback, and is accelerating improvements to pursue accreditation.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.