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Private University Raises $78 Million from the Stock Market
September 16, 2009 | Leave a Comment
Most schools are having a difficult time weathering the recession. Public schools are seeing their budgets cut since local governments are collecting less in taxes. And private schools are having a harder time raising money from donors and are losing students who can’t afford tuition.
But a new type of school is finding that money is easy to raise.
Grand Canyon University has been a private Christian college in Phoenix, Arizona since 1942. With the growth of online learning, however, it has been able to expand. Today, about 90 percent of its 27,600 students study online.
Last November, the school sold shares on the stock market and raised $120 million. Now, the school is offering more of its stock and expects to raise another $78 million.
The university is regionally accredited and offers master’s degree programs in business, education, nursing, health sciences and liberal arts.
The number of colleges and universities that are run for profit is growing. American Public Education Inc. also went public last year; it recently reported that it’s profits increased by 52 percent during the recession.