Table of Contents
Executive summary ........................................................................... 7
Ratings and valuation ..................................................................... 10
Risks.................................................................................................. 15
Enrollment and the economy ......................................................... 17
Demographics .................................................................................. 22
On Campus versus Online .............................................................. 31
Brands & Advertising ...................................................................... 41
Quality of Offering........................................................................... 55
Financial Comparison...................................................................... 59
Tuition trends .................................................................................. 67
Funding............................................................................................. 74
Company One Pagers...................................................................... 88
Company Sections......................................................................... 102
Apollo Group, Inc........................................................................... 103
DeVry Inc. ....................................................................................... 107
ITT Educational Services, Inc........................................................ 112
Appendix A..................................................................................... 116