Washington Post 2013 Annual Report Download - page 20

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designations and certifications. This includes solutions for insurance, securities, mortgage and appraisal licensing exams
and for advanced designations, such as CFA®and CPA exams. PACE serves more than 3,100 business-to-business
clients, including more than 70 Fortune 500 companies. In 2013, approximately 482,000 students used PACE’s exam
preparation offerings.
KHE Campuses. At the end of 2013, the KHE Campuses business comprised 46 schools in 13 states that were providing
classroom-based instruction to approximately 17,400 students, which did not include the approximately 6,400 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 (ED).
In September 2012, KHE began implementing a plan to consolidate its market presence at certain of its fixed-facility
campuses. Under the plan, KHE ceased new enrollments at nine ground campuses and consolidated operations of four
other campuses into existing, nearby locations. In addition, during 2013, Kaplan’s Mount Washington College (formerly
Hesser College) ceased enrollment at two of its locations. In each case, KHE has taught and will continue to teach all
courses in progress at the campuses until their completion. As of the end of 2013, courses remained in progress at only
two of these locations. Revenues at these two campuses represented approximately 0.3% of KHE’s total revenues and
0.1% of Kaplan, Inc.’s total revenues for 2013.
Program Offerings and Enrollment
Kaplan University and KHE Campuses’ offer certificate and degree 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 enrollments by certificate and degree programs were as follows:
At December 31
2013 2012 2011
Certificate .......................................... 21.7% 23.2% 23.6%
Associate’s ......................................... 29.7% 29.1% 30.3%
Bachelor’s .......................................... 32.3% 33.8% 34.6%
Master’s ........................................... 16.3% 13.9% 11.5%
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 KHE revenues. During 2013, funds received under Title IV programs accounted for approximately $819 million,
or approximately 76%, of total KHE revenues, and 38% of Kaplan, Inc. revenues. The Company estimates that funds
received from students borrowing under third-party private loan programs comprised approximately 0.5% of KHE revenues.
Beginning in 2008 and continuing through 2013, 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 0.7% of KHE revenues in 2013. 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
2013 KHE revenues. The significant role of Title IV funding in the operations of KHE is expected to continue.
2GRAHAM HOLDINGS COMPANY