Chicago Public Schools Announces Closure of Two ASPIRA Charter Schools

In an unprecedented move, Chicago Public Schools (CPS) has announced the impending closure of two charter high schools, citing financial insolvency as the primary reason. This marks the first time in Chicago’s history that such a decision has been made to close schools mid-academic year.

The schools, part of the ASPIRA network, are grappling with a severe financial shortfall, unable to secure the necessary funds to keep their doors open beyond April. Both ASPIRA and CPS have confirmed the grim financial outlook, which has been underscored by a nearly $5 million budget deficit.

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As a last resort, ASPIRA’s leadership plans to appeal to the district on Friday, seeking financial assistance to avert the closures. The plea for support underscores the critical situation facing these schools and reflects a broader challenge of financial management within the charter school network.

But both ASPIRA and Chicago Public Schools said the charter network won’t have the funds to stay open past April.

Facing a nearly $5 million deficit, leaders from ASPIRA plan to call on the district Friday to help bail them out.

This impacts more than 570 students and dozens of staff, between two high schools on the city’s Northwest Side: ASPIRA Business & Finance and ASPIRA Early College High School.

CPS has already given over $2.5 million to the charter school to help sustain operations, and says it reached the legal limit of funding it can provide, under Illinois law.

In a letter sent to CPS earlier this week, ASPIRA said it’s pursuing short-term financing and fundraising campaigns to finish the school year.

But CPS said the school has not outlined a clear path forward by providing the required financial documents, like its 2025 audit and payroll records.

Although a mid-year closure is unprecedented for CPS, the district told the ASPIRA board this week it’s moving forward with student transitioning.

That will include working with families to find a school that meets their child’s needs.

School leaders, parents, students and teachers were planning to speak Friday morning, but the press conference has been postponed.