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Education Management Corporation
Education Management Corporation (EDMC) was a Pittsburgh, Pennsylvania-based operator of for-profit post-secondary educational institutions in the United States and Canada. The company was founded in 1962. At its peak in 2011, Education Management Corporation operated 110 schools through its higher education divisions: Argosy University, The Art Institutes, Brown Mackie College, and South University, and enrolled 158,300 students.
Facing declining enrollment, legal issues, and accreditation problems, EDMC closed or sold many of its schools between 2013 and 2017. By 2014, the company's stock had lost 99.9% of its value, and EDMC received a defaulted bond rating (to junk bond status). Moody's credit rating service in January 2015 dropped EDMC to its lowest rating, D-PD.
In June 2018, EMDC filed for Chapter 7 bankruptcy and began to liquidate its assets.
Eighty percent of Education Management's funds came from US government funds, from US Department of Education Title IV programs (Pell Grants and federal student loans), the US Department of Defense, and the Veterans Administration. In 2009, EDMC allocated 21.6 percent of its revenue, or $435 million, to marketing and recruiting, and 16 percent, or $319 million, to profit. EDMC spent over $500,000 per year on lobbyists between 2010 and 2015.
EDMC operated through four major groups of schools, Argosy University, The Art Institutes, Brown Mackie College, South University. It also owned a law school, Western State University College of Law.
Programs offered included doctoral, master's, bachelor's, associate and certificate level.
As of January 2013, EDMC operated 110 colleges and universities in 32 U.S. states and Canada.
Argosy University became part of EDMC in July 2001, when Education Management Corporation acquired Argosy Education Group. Argosy schools were sold along with other EDMC schools to Dream Center in 2017. All Argosy campuses were officially closed on March 8, 2019.
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Education Management Corporation
Education Management Corporation (EDMC) was a Pittsburgh, Pennsylvania-based operator of for-profit post-secondary educational institutions in the United States and Canada. The company was founded in 1962. At its peak in 2011, Education Management Corporation operated 110 schools through its higher education divisions: Argosy University, The Art Institutes, Brown Mackie College, and South University, and enrolled 158,300 students.
Facing declining enrollment, legal issues, and accreditation problems, EDMC closed or sold many of its schools between 2013 and 2017. By 2014, the company's stock had lost 99.9% of its value, and EDMC received a defaulted bond rating (to junk bond status). Moody's credit rating service in January 2015 dropped EDMC to its lowest rating, D-PD.
In June 2018, EMDC filed for Chapter 7 bankruptcy and began to liquidate its assets.
Eighty percent of Education Management's funds came from US government funds, from US Department of Education Title IV programs (Pell Grants and federal student loans), the US Department of Defense, and the Veterans Administration. In 2009, EDMC allocated 21.6 percent of its revenue, or $435 million, to marketing and recruiting, and 16 percent, or $319 million, to profit. EDMC spent over $500,000 per year on lobbyists between 2010 and 2015.
EDMC operated through four major groups of schools, Argosy University, The Art Institutes, Brown Mackie College, South University. It also owned a law school, Western State University College of Law.
Programs offered included doctoral, master's, bachelor's, associate and certificate level.
As of January 2013, EDMC operated 110 colleges and universities in 32 U.S. states and Canada.
Argosy University became part of EDMC in July 2001, when Education Management Corporation acquired Argosy Education Group. Argosy schools were sold along with other EDMC schools to Dream Center in 2017. All Argosy campuses were officially closed on March 8, 2019.