According to the College Board, the average cost of tuition and fees for the 2013–2014 school year was $30,094 at private colleges; $8,893 for state residents at public colleges; and $22,203 for out-of-state residents. For many Americans, as well as international students, the price tag of a college education is often hinged to a high-interest student loan that can take years to pay off.
Aspen Group, an accredited provider of online postsecondary education, strives to provide distance-learning education opportunities to equip students with “sustainable economic and social benefits for themselves and their families.” The university does so by offering low tuition rates on courses taught by Top-tier faculty, 61% of which have doctoral degrees. “Low tuition rates” is relative – but according to Aspen’s Economic Responsibility Goal, the group offers tuition rates low enough that a majority of its students can pay the tuition in cash (maintaining Federal Financial Aid revenues below 50%).
Online education is gaining widespread acceptance, especially among working professionals that choose not to, or are not able to, stop working to obtain a postsecondary education. Online flexibility enables students to enroll in courses taught by instructors with advanced degrees and log on day or night to “attend” class from anywhere with an Internet connection. Students can network with other students, interact with respected technology leaders and fellow professors from around the world, or enroll in courses facilitated one-on-one with the instructor.
Another advantage to online learning vs. traditional learning is the ability to participate in a discussion rather than follow a lecture or presentation. Instructors at Aspen University work closely with students to create an online, community-based learning environment. In this sense, faculty serves as facilitators rather than the focal point. Textbooks and online study guides assist students in performing coursework that is submitted to the faculty for grading a feedback via Aspen University’s proprietary online platform.
Aspen University offers education to students across the U.S. and around the world and accepts credits from other accredited institutions as well as schools outside the U.S. The university provides its students with access to ProQuest library services with databases focused on business, technology, nursing, criminal justice and education.
As of July 30, 2013, 86% of Aspen University’s full-time degree-seeking students are enrolled in a graduate degree program (master’s or doctoral degree program). Aspen University is increasingly gaining traction among adults seeking higher education, and as of Aspen Group’s fiscal 2015 second quarter ended October 31, 2014, the university’s School of Nursing student body increased 71% to 1,026, accounting for 37% of the university’s total full-time degree-seeking student body of 2,811.
Aspen University’s growing presence is further evidenced by the company’s ability to grow revenues, trim net loss, and strengthen its balance sheet.
Second-quarter fiscal 2015 total revenues increased 33% to $1.2 million compared to the second quarter of fiscal 2014; nursing program revenues rose to $483,050, or 40% of Aspen Group’s total revenues. Adjusted gross profit (non-GAAP) increased 67% to $800,921, or 66% of revenues, compared to the second quarter of fiscal 2014. The second quarter non-GAAP fiscal 2015 loss of $228,819 narrowed compared to a loss of $707,501 in the comparable prior-year period.
Aspen Group closed a $5.4 million private placement of equity securities in the second quarter of fiscal 2015, substantially improving the company’s balance sheet. The company retired early its outstanding institutional convertible debentures, improved its cash position to $3 million and increased its stockholders equity to a positive $1.8 million.
In addition, the university achieved several other important benchmarks, including a 33% decrease in the cost per new degree-seeking enrollment – now at a record low of $544; and Aspen’s Bachelor of Science in Nursing Program (RN to BSN) received accreditation from the Commission on Collegiate Nursing Education (CCNE).
Aspen Group chairman and CEO Michael Mathews in a recent news release offered the following:
“The closing of our $5.4 million equity financing and the granting of accreditation of our RN to BSN program by the CCNE are two important milestones that will allow Aspen to scale its debtless education solution. We’ve now removed all roadblocks to achieving our near-term goal of communicating to all RNs in America that they now have the ability to earn a BSN or MSN debt free,” he stated.
For more information, visit www.aspen.edu
