Education Assistance Corporation, a South Dakota Corporation v. Lauro F. Cavazos, Secretary of Education of the United States
Court of Appeals for the Eighth Circuit
1Opinion of the Court
McMILLIAN, Circuit Judge.
The Education Assistance Corporation (EAC) appeals from a final order entered in the United States District Court 1 for the District of South Dakota granting summary judgment in favor of the Secretary of the United States Department of Education (Secretary). For reversal, EAC argues (1) the 1987 amendments to the Higher Education Act of 1965 violate its property rights under the fifth amendment by requiring EAC to transfer $6.6 million of “excess cash reserves” to the Secretary and by conditioning EAC’s right to reimbursement on compliance with that requirement and…
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