CHARLOTTE, N.C. -- The for-profit Charlotte School of Law may be receiving another chance as the Department of Education offers a bail out to the previously failing institution.

On July 31, Charlotte School of Law announced that it was notified by the Department of Education that students could be eligible once again to access federal student loans for this upcoming semester.

This decision comes after the The Charlotte School of Law was placed on probation by the American Bar Association (ABA) following a hearing regarding the school’s compliance with ABA standards back in November 2016.

The new interim dean of the Charlotte School of Law, Paul Meggett, was quoted in a statement saying:

“We are excited at the prospect of being able to help our students complete their legal education. In the meantime, CSL continues to work closely with the American Bar Association and the UNC Board of Governors to resolve all remaining compliance-related matters,” says new interim dean, Paul Meggett.

According to the U.S. Department of Education's statement, sent to the American Bar Association Journal, the institution first must meet a series of requirements before federal money can be accessed.

A Department of Education spokesperson issued this comment to the American Bar Association Journal:

“Discussions are ongoing at this time. Until the discussions reach a successful conclusion, CSL will remain ineligible to participate in the Title IV programs.”

Some of the requirements include putting up $6 million in collateral funds, offering refunds to first-year students, and hiring an independent monitor that will report to the Department of Education.

Bloomberg News also reports that the adviser who worked with Secretary of Education, Betsy DeVos, during her confirmation was also hired to lobby on behalf of the Charlotte School of Law. The adviser, Lauren Maddox, works with the Podesta Group, a lobbying firm in Washington D.C. primarily around education and healthcare issues.

Charlotte School of Law must still meet the requirements set by the American Bar Association, and the UNC Board of Governors, as well as the requirements set by the U.S. Department of Education.

The institution also remains under investigation by the North Carolina attorney general's office.