CPS to Transfer Students from ASPIRA Charter Network Amid Financial Woes

The network faces a $4.8 million deficit and may be unable to meet payroll through the end of the year.

Published on Feb. 26, 2026

Got story updates? Submit your updates here. ›

Chicago Public Schools will begin transferring about 540 students from two high schools in the ASPIRA charter network, as the campuses confront deep financial turmoil and a possible midyear closure. The charter network is facing a $4.8 million deficit and may be unable to meet payroll through the end of the year.

Why it matters

This case highlights the financial challenges facing charter schools in Chicago and the broader impact on students and communities when a charter network faces closure. It raises questions about oversight, funding, and the stability of the charter school model.

The details

CPS is moving forward with a student transition process as ASPIRA has failed to demonstrate financial sustainability, placing the education of its students at risk. ASPIRA has not provided required financial documentation to CPS and has not identified secured third-party funding to eliminate its projected deficit. The network told CPS it does not plan to initiate self-closure, but CPS will reach a state-mandated funding cap that limits how much can be allocated to ASPIRA based on enrollment.

  • On April 10, CPS will reach a state-mandated funding cap, limiting financial support for ASPIRA.
  • In November, the district allocated $1.4 million to keep EPIC Academy in South Chicago open through the school year.
  • In 2024, the Board of Education voted to absorb five of seven schools in the Acero network slated for closure, costing CPS at least $30 million this fiscal year.

The players

Chicago Public Schools (CPS)

The school district that oversees and authorizes charter schools in Chicago, including the ASPIRA network.

ASPIRA charter network

A network of two high schools on the Northwest Side of Chicago that is facing a $4.8 million deficit and potential midyear closure.

Edgar Lopez

The CEO of the ASPIRA charter network, who says structural underfunding from CPS is to blame for ASPIRA's troubles.

Zabrina Evans

The executive director of CPS's Office of Innovation & Incubation, who wrote the letter to the ASPIRA board citing the network's failure to demonstrate financial sustainability.

Jackson Potter

The vice president of the Chicago Teachers Union, who is urging CPS to provide more clarity on the student transfer process and designate welcoming schools for displaced students and staff.

Got photos? Submit your photos here. ›

What they’re saying

“They can look at the finances all they want, they're not going to find nothing that's irregular. We've had clean audits for a number of years.”

— Edgar Lopez, CEO, ASPIRA charter network (Chicago Tribune)

“This is unacceptable. We need emergency planning now, so in mid-March these children, these families, aren't left without a lifeline.”

— Jackson Potter, Vice President, Chicago Teachers Union (Chicago Tribune)

“Closing a Hispanic school right now is devastating for our community. Please don't leave us without a place to go.”

— Angelica Mota, Senior, ASPIRA Business & Finance High School (Chicago Tribune)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights the financial challenges facing charter schools in Chicago and the broader impact on students and communities when a charter network faces closure. It raises questions about oversight, funding, and the stability of the charter school model.