UA-Fayetteville's faculty senate says a planned acquisition of the University of Phoenix is a big reputational risk.

The Education Department reached a proposed settlement with about 200,000 borrowers who attended schools found to have committed misconduct.

University of Phoenix President George Burnett, who was hired in February, stepped down after an Education Department inquiry.

The for-profit school is on track to close all but one physical campus by 2024, as its 84,000 students overwhelmingly prefer learning online.