Washington Post 2011 Annual Report Download - page 14

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PACE offers a wide range of education solutions to assist professionals in advancing their careers by obtaining
professional licenses, designations and certifications. This includes solutions for insurance, securities, real estate, mortgage
and appraisal licensing exams and for advanced designations, such as CFA®and CPA exams, along with industry-
recognized certifications such as Microsoft, Oracle, Novell and Cisco. PACE serves more than 2,900 business-to-
business clients, including more than 70 Fortune 500 companies. In 2011, over 500,000 students used PACE’s exam
preparation offerings.
In October 2011, PACE sold its Kaplan Compliance Solutions business, which assisted insurance carriers, agencies and
broker/dealers with their licensure and/or registration filings. Additionally, in December 2011, Kaplan acquired certain
assets of Stalla Seminars; Kaplan Schweser plans to repurpose Stalla content to further assist candidates who are
preparing for the CFA examinations.
KHE Campuses. At the end of 2011, the KHE Campuses business consisted of 64 schools in 18 states that were
providing classroom-based instruction to approximately 24,400 students, which did not include the approximately 5,800
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).
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:
Master’s Bachelor’s Associate’s Certificate
• Arts and Sciences
• Business Management
• Criminal Justice
• Health Sciences
• Higher Education Studies
• Information Systems and
Technology
• Legal and Paralegal Studies
• Nursing
• Teacher Education
• 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
• Criminal Justice
• Health Sciences
• Information Systems and
Technology
• Nursing
Kaplan University and KHE Campuses combined enrollment at December 31, 2011, 2010 and 2009 totaled by
degree and certificate programs were as follows:
At December 31,
2011 2010 2009
Certificate .............................................. 23.6% 23.6% 27.6%
Associate’s ............................................. 30.3% 33.8% 33.0%
Bachelor’s .............................................. 34.6% 35.1% 34.7%
Master’s ............................................... 11.5% 7.5% 4.7%
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 (the Higher Education Act), historically have been responsible for a
majority of the KHE revenues. During 2011, funds received under Title IV programs accounted for approximately $1,110
million, or approximately 79%, of total KHE revenues, and 45% 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 2011, 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 1% of its KHE revenues in 2011. Direct student payments, funds received under various
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