Lincoln Educational Services Corporation

Item 1.01. Entry into a Material Definitive Agreement. On April 13, 2026, Lincoln Educational Services Corporation and its subsidiaries (the “Company”) entered into an amended and restated credit agreement (the “Credit Agreement”) with the lenders referred to therein (the “Lenders”), including Fifth Third Bank, National Association, as lender and as administrative agent, joint lead arranger, and joint bookrunner (the “Agent”), and Flagstar Bank, N.A., Provident Bank and Santander Bank, N.A., as lenders and as joint lead arrangers and joint bookrunners. The Credit Agreement replaces the credit agreement, dated February 16, 2024, by and between the Company and Fifth Third Bank, National Association, as subsequently amended (the “Existing Credit Agreement”). The Credit Agreement, which amends and restates the Existing Credit Agreement, provides the Company, as borrower, with a revolving credit facility in the aggregate principal amount of $125 million, with a $10 million letter of credit sublimit and a $25 million accordion feature (the “Facility”), and increases the maximum principal amount thereof from $60 million to $125 million. The proceeds of the Facility may be used for working capital, general corporate and certain other permitted purposes. The Facility is guaranteed by the Company’s wholly-owned subsidiaries and is secured by a first-priority lien in favor of the Agent, for the benefit of the Lenders, on substantially all of the personal property owned by the Company and its subsidiaries pursuant to an amended and restated guaranty and security agreement, dated as of April 13, 2026 (the “Guaranty and Security Agreement”), which amends and restates the existing guaranty and security agreement. The term of the Facility is five years and matures on April 11, 2031. Each advance under the Facility will bear interest on the outstanding principal amount thereof from the date when made at an interest rate determined, at the election of the Company, at either the Tranche Rate (which is the forward-looking Secured Overnight Financing Rate (SOFR) for one or three months), or the Base Rate (which is a variable per annum rate, as of any date of determination, equal to the Prime Rate), plus an Applicable Margin. The Applicable Margin is determined pursuant to a Pricing Grid, which for loans subject to the Tranche Rate varies from 1.50% to 2.25% and for loans subject to the Base Rate varies from 0.50% to 1.25%. The Applicable Margin may change quarterly based on the Total Leverage Ratio at such time. The Total Leverage Ratio is determined with respect to the Company and its subsidiaries on a consolidated basis for an applicable quarterly period by dividing the aggregate principal amount of various forms of borrowed indebtedness as of the last day of a determination period by EBITDA (earnings before interest expense, taxes, depreciation and amortization) for such period. Interest is payable in arrears, either quarterly or monthly, depending on the Company’s interest rate election, with the principal due at maturity. The Credit Agreement contains various customary representations, warranties and affirmative, negative and financial covenants, as well as events of default customary for facilities of this type. The foregoing descriptions of the Credit Agreement and the Guaranty and Security Agreement do not purport to be complete and are qualified in their entireties by reference to the full text of the Credit Agreement and the Guaranty and Security Agreement filed as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K, which are incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The disclosure contained in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

Item 8.01. Other Events. On April 15, 2026, the Company issued a press release reporting its entry into the Credit Agreement. A copy of the press release is filed as Exhibit 99.1 hereto and incorporated herein by reference. The information contained under this Item 8.01 in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.