The Memphis-based school received more than $2.2 million in federal grants from the U.S. Department of Health and Human Services.
From 2015 through 2019, Robinson stole more than $600,000 and used it to pay for her wedding and honeymoon, a vehicle for her daughter, travel and entertainment for her family, and an event for her state Senate campaign, prosecutors said.
She also used the money to pay for legal fees for her divorce, home improvements and a snow cone business operated by her children, prosecutors said.
The FBI searched the school and her home in February. FBI agents visited her home again on Tuesday, FBI spokesman Joel Siscovic said.
If convicted, Robinson faces a possible sentence of up to 20 years in federal prison. Robinson's attorney did not immediately return a call seeking comment on her behalf.
Robinson would be up for re-election in 2022.
Lt. Governor Randy McNally will be asking the Senate Ethics Committee to look into the "serious criminal charges," spokesman Adam Kleinheider said in an email.
In a statement, the Senate Democratic Caucus said Robinson's work in the state Legislature "is not in question" and she "deserves the presumption of innocence and due process."
According to its website, The Healthcare Institute was founded in January 2015. Its certified nursing assistant program was introduced that July.
The school received a grant from the Health and Human Services Department for a certified nursing assistant program focused on geriatric populations and educational programs. The school also includes phlebotomy and electrocardiographic technician instruction.
An FBI affidavit alleges the federal funds were deposited into the school's bank account for its operations. The funds were then "commingled indiscriminately with personal expenditure for the benefit of Robinson and her immediate family," FBI special agent Matthew Pruitt wrote.
The FBI said the department received a complaint from someone who claimed Robinson used the school's funds to buy a Louis Vuitton handbag for $550.
Robinson also spent thousands on credit card payments, hair and beauty supplies, and improvements to her body aesthetics business and her house, including a wrought iron front door valued at more than $5,000, the FBI said.
She also spent more than $4,700 on makeup, video services and a party for her wedding, and $5,000 on a trip to Jamaica, the FBI said.
Over a four-year period, Robinson paid herself $169,134 more than she was allowed to under salary amounts permitted by the federal grant, the affidavit said.
The criminal complaint details the charges against Robinson and the facts that support the allegations. A federal grand jury will also decide whether to formally indict her.