Washington Post 2012 Annual Report Download - page 14

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licensing exams and for advanced designations, such as CFA®and CPA exams. PACE serves more than 2,900 business-
to-business clients, including more than 70 Fortune 500 companies. In 2012, approximately 510,000 students used
PACE’s exam preparation offerings.
KHE Campuses. At the end of 2012, the KHE Campuses business consisted of 59 schools in 17 states that were
providing classroom-based instruction to approximately 21,100 students, which did not include the approximately
5,600 students enrolled at Kaplan University’s on-ground campuses. Each of these schools is accredited by one of
several regional or national accrediting agencies recognized by the U.S. Department of Education (DOE).
On September 27, 2012, KHE finalized a plan to consolidate its market presence at certain of its fixed-facility campuses.
Under the plan, KHE has ceased new enrollments at nine ground campuses as it considers alternatives for those locations,
and will consolidate operations of four other campuses into existing, nearby locations. KHE will continue to teach courses
in progress at these campuses until their completion. Revenues at these campuses represent approximately 4% of KHE’s
total revenues and 2% of Kaplan, Inc.’s total revenues for 2012.
Program Offerings and Enrollment
Kaplan University and KHE Campuses offer degree and certificate programs in a variety of subject areas. Among them
are the following:
Certificate Associate’s Bachelor’s Master’s
• Criminal Justice
• Health Sciences
• Information Systems and
Technology
• Nursing
• Arts and Sciences
• Business Management
• Criminal Justice
• Fire Safety and Emergency
Management
• Health Sciences
• Information Systems and
Technology
• Legal and Paralegal Studies
• Nursing
• Political Science and Public
and Environmental Policy
• Arts and Sciences
• Business Management
• Criminal Justice
• Fire Safety and Emergency
Management
• Health Sciences
• Information Systems and
Technology
• Legal and Paralegal Studies
• Nursing
• Political Science and Public
and Environmental Policy
• Arts and Sciences
• Business Management
• Criminal Justice
• Health Sciences
• Higher Education Studies
• Information Systems and
Technology
• Legal and Paralegal Studies
• Nursing
• Teacher Education
Kaplan University’s and KHE Campuses’ combined enrollment totaled by degree and certificate programs at
December 31, 2012, 2011 and 2010 were as follows:
At December 31,
2012 2011 2010
Certificate .............................................. 23.2% 23.6% 23.6%
Associate’s ............................................. 29.1% 30.3% 33.8%
Bachelor’s .............................................. 33.8% 34.6% 35.1%
Master’s ............................................... 13.9% 11.5% 7.5%
Total ................................................ 100.0% 100.0% 100.0%
Financial Aid Programs and Regulatory Environment
Funds provided under the U.S. Federal student financial aid programs that have been created under Title IV of the U.S.
Federal Higher Education Act of 1965, as amended (Higher Education Act), historically have been responsible for a
majority of the KHE revenues. During 2012, funds received under Title IV programs accounted for approximately
$882 million, or approximately 77%, of total KHE revenues, and 40% of Kaplan, Inc. revenues. The Company estimates
that funds received from students borrowing under third-party private loan programs comprised approximately 1% of its KHE
revenues. Beginning in 2008 and continuing through 2012, as the private loan market deteriorated, KHE provided loans
directly to some Kaplan students under its third-party institutional loan program. Lending under Kaplan’s institutional loan
program totaled approximately 4% of its KHE revenues in 2012. Direct student payments, funds received under various state
and agency grant programs and corporate reimbursement under tuition assistance programs accounted for most of the
remaining 2012 KHE revenues. The significant role of Title IV funding in the operations of KHE is expected to continue.
2THE WASHINGTON POST COMPANY