The University of Idaho will create a nonprofit to acquire the University of Phoenix, one of the nation’s largest for-profit colleges, in a $550 million deal unanimously approved by state education officials Thursday.
Under the deal, which still needs the blessing of the colleges’ accreditors and the federal Education Department, the universities of Idaho and Phoenix would initially operate as separate entities. But Phoenix could eventually be folded into the Idaho system, university officials said.
Torrey Lawrence, provost and executive vice president at the University of Idaho, said the affiliation would give the state university access to a robust technological infrastructure and online academic programs, such as nursing and counseling, not currently offered at the school. The public research university in Moscow, Idaho, has 11,507 students.“This is an opportunity for us to learn from each other,” Lawrence said in an interview.
The deal also could raise money for the university. The planned nonprofit will issue municipal bond debt to finance the purchase, which the University of Idaho anticipates will yield at least $10 million in annual revenue. “The affiliation will diversify our revenue streams to provide greater economic stability for delivery of educational opportunities,” University of Idaho President Scott Green said during Thursday’s meeting of the Idaho State Board of Education, which serves as the governing body of the university.System. Board members, faculty, staff and other stakeholders were deeply divided over the arrangement.
If the deal with Idaho goes through, Phoenix would gradually shed its for-profit status and break free from federal regulations that target such schools. The Education Department, which must sign off on the deal, has been wary of for-profit colleges masquerading as nonprofits to avoid regulations while still reaping the financial benefits of operating as for-profit institutions.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
University of Idaho seeks to buy University of Phoenix for $550 millionThe University of Idaho and the University of Phoenix have announced a plan, pending 'proper approvals,' for the public university to purchase the private for-profit university for $550 million, according to the Idaho's institution's website.
Read more »
Idaho student murders: Bryan Kohberger indicted in killing of four Idaho studentsA grand jury indicted Bryan Kohberger for the murder of four University of Idaho students on Wednesday. Kohberger, 28, a criminology graduate student from Washington State University, was charged with four counts of first-degree murder.
Read more »
Grand jury indicts Bryan Kohberger in connection with murder of 4 University of Idaho studentsThe suspect in the murder of four University of Idaho students has been indicted by a grand jury. Bryan Kohberger, 28, is expected to appear in court Monday.
Read more »
Grand jury indicts Bryan Kohberger in connection with murder of 4 University of Idaho studentsBREAKINGNEWS: Bryan Kohberger, the suspect in the murder of four University of Idaho students late last year, has been indicted by a grand jury.
Read more »
Grand jury indicts Bryan Kohberger in connection with murder of 4 University of Idaho studentsBryan Kohberger, the suspect in the murder of four University of Idaho students late last year, has been indicted by a grand jury.
Read more »
Grand jury indicts Bryan Kohberger in connection with murder of 4 University of Idaho studentsJUST IN: A grand jury has submitted official charges, including first-degree murder, against the man arrested in connection to the murder of 4 University of Idaho students.
Read more »