American Public Education, Inc. (APEI) provides online and campus-based postsecondary education through its subsidiary institutions.
The company’s institutions offer purpose-built education programs and career learning designed to prepare individuals for productive contributions to their professions and society and to offer opportunities to advance students in their current professions or to help them prepare for their next career. The company provides online and campus-based postsecondary educ...
American Public Education, Inc. (APEI) provides online and campus-based postsecondary education through its subsidiary institutions.
The company’s institutions offer purpose-built education programs and career learning designed to prepare individuals for productive contributions to their professions and society and to offer opportunities to advance students in their current professions or to help them prepare for their next career. The company provides online and campus-based postsecondary education to approximately 106,700 students, and career learning to approximately 24,600 individuals.
The company is a national leader in pre-licensure nursing education, focused on a Diploma in Practical Nursing, or PN degree, and an Associate Degree in Nursing, or ADN degree, through Rasmussen University and Hondros College of Nursing. The company operates one of the largest providers of training to the federal government and public workforce through Graduate School USA.
Institutions
The company has four subsidiary institutions: American Public University System, Rasmussen University, Hondros College of Nursing, and Graduate School USA.
American Public University System
American Public University System, or APUS, provides online postsecondary education to approximately 88,400 adult learners. APUS traces its roots to American Military University, or AMU, which was founded in 1991, as a distance-learning, graduate-level institution for military officers seeking an advanced degree in military studies. Since then, APUS has broadened its focus to include veterans, extended military families, and other public service, and service-minded communities, with a focus on educating those who serve, and has two brands: AMU, which is focused on educating students from the military, national security, military-affiliated, and service communities, such as police, firefighters, emergency personnel, and government employees, and American Public University, or APU, which is focused on educating career-focused working adults, with an emphasis on educating professionals working in service-related communities, including nursing, public health, public administration, and business administration. While the majority of APUS students are undergraduate-level, students are also enrolled in its certificate, graduate, and doctoral programs.
APUS is exclusively an online institution of higher learning, designed to meet the needs of military, military-affiliated, public service, and working adult students. Many of its students serve in positions requiring extended and irregular work schedules, are on-call for rapid response missions, participate in extended deployments and exercises, travel or relocate frequently, and often must balance family and work demands. Although APUS’s focus has broadened since its founding, it continues to have an emphasis on its relationship with the military community. As of December 31, 2024, approximately 65% of APUS’s students self-reported that they served in the military on active duty at the time of initial enrollment, and approximately 12% of APUS’s students self-reported that they are military veterans. The remainder of APUS’s students are other military or military-affiliated professionals (such as reservists or National Guard members), public service professionals (such as law enforcement personnel or other first responders), and other non-military students (such as working adult students and military spouses).
APUS is institutionally accredited by The Higher Learning Commission, or HLC, a regional accrediting agency recognized by the U.S. Department of Education, or ED. Most other higher education institutions accept APUS’s courses for transfer credit as a result of this accreditation.
Rasmussen University
Rasmussen University provides nursing- and health sciences-focused postsecondary education to approximately 14,600 students at its 20 campuses in six states, and online. At the beginning of its 124-year history, Rasmussen University focused on educating business students to prepare them for practical careers in bookkeeping, secretarial services, and accounting. Rasmussen University’s foundation of education that transforms lives created an institution built to serve those not typically served by traditional higher education. While Rasmussen University continues to offer programs across a broad range of study, including business, technology, and education, it expanded its breadth and embarked on providing healthcare education in 2006. Today, Rasmussen University offers a comprehensive ‘ladder’ of nursing degrees, including pre-licensure PN and ADN degrees, post-licensure Bachelor of Science in Nursing, or BSN, and Registered Nurse, or RN, to BSN degrees, Master of Science degrees in Nursing, Specialties and Nurse Practitioner, and a Doctorate of Nurse Practice.
Rasmussen University is committed to innovation in program delivery. For example, virtually every nursing program at Rasmussen University incorporates online content alongside lab and clinical, or classroom components. As of December 31, 2024, on-ground enrollment was approximately 6,300, of which approximately 5,500 students were pursuing nursing degrees at Rasmussen University, approximately 90% of whom were enrolled in Rasmussen University’s pre-licensure nursing degree programs. As of December 31, 2024, online enrollment was approximately 8,300 students.
Rasmussen University is institutionally accredited by HLC with an Open Pathway designation, and all of Rasmussen University’s Nursing programs are programmatically accredited by specialty nursing accrediting bodies. As with APUS, most other higher education institutions accept Rasmussen University’s courses for transfer credit as a result of Rasmussen University’s HLC accreditation.
Hondros College of Nursing
Hondros College of Nursing provides nursing education to approximately 3,700 students across eight campuses in three states. Hondros College of Nursing offers pre-licensure nursing programs that are designed to prepare individuals for productive careers through both a PN degree and an ADN degree, and two Direct Entry ADN degree options that offer an accelerated graduation pathway for students who meet certain transfer credit, academic, and entrance exam requirements.
Hondros College of Nursing’s students principally receive on-campus instruction at one of Hondros College of Nursing’s campuses, and online for certain courses for those that prefer remote course learning. As of December 31, 2024, approximately 65% of Hondros College of Nursing students were enrolled in a PN program and 35% were enrolled in an ADN program.
Hondros College of Nursing is institutionally accredited by the Accrediting Bureau for Health Education Schools, or ABHES, a national accrediting agency recognized by ED. Hondros College of Nursing’s PN program is accredited by the National League for Nursing Commission for Nursing Education Accreditation, or NLN CNEA.
Graduate School USA
Graduate School USA, based in Washington, DC, is one of the largest providers of career learning to the federal government and public employee workforce. The company acquired substantially all of the assets of Graduate School USA on January 1, 2022, advancing its focus on delivering training that provides students with pathways to employment and career advancement. Graduate School USA provides contract training to more than 100 federal government agency customers, and through direct enrollment by federal, state, and municipal government employees, contractors, and non-government employees.
Graduate School USA provides career learning online, as well as in-person at its headquarters facility in Washington, D.C., and at government and customer sites. Graduate School USA offers a catalog of more than 300 courses specializing in foundational and continuing professional development, as well as leadership training and practice management through its Center for Leadership and Management and Government Audit Training Institute. Graduate School USA trained over 24,600 individuals in 2024.
Graduate School USA is accredited by the Accrediting Council for Continuing Education and Training, or ACCET.
Segments
The company has three reportable segments: APUS, RU, and HCN.
American Public University System, or APUS Segment: This segment reflects the operational activities of APUS.
Rasmussen University Segment, or RU Segment: This segment reflects the operational activities of Rasmussen University.
Hondros College of Nursing Segment, or HCN Segment: This segment reflects the operational activities of Hondros College of Nursing.
Business Strategy
The company’s strategies are to educate the service-minded student by offering programs designed to prepare individuals for contributions to their profession and society and to provide opportunities to advance students in their current professions or help them prepare for their next career; maximize a student’s return on their educational investment, expand nursing opportunities through geographic campus expansion and the expansion of its programs and course offerings; build a career learning platform; develop capabilities to drive organic growth and plan to continue to assess and pursue strategic acquisitions and integrate and grow them for inorganic growth; and deliver a quality, competitive education, which goes hand-in-hand with demonstrating compliance with various regulatory standards and metrics.
Institutions and Operations
The company provides postsecondary education through three educational institutions of higher learning: APUS, Rasmussen University, and Hondros College of Nursing. The company also provides career learning to the federal government workforce through Graduate School USA. Each institution is primarily responsible for its own academic mission, while APEI performs certain business functions on a shared basis for the benefit of APUS, Rasmussen University, Hondros College of Nursing, and Graduate School USA, with the capability to further expand these shared services to these entities.
Institutions
Programs and Areas of Study
The company offers a total of 182 degree programs, 136 certificate programs, and five diploma programs through its institutions. The company offers programs across a broad range of fields of study, including public service-focused fields, such as nursing, national security, military studies, intelligence, and homeland security, as well as traditional academic fields, such as business, health science, information technology, justice studies, education, and liberal arts. In addition, through Graduate School USA, the company’s offerings also include career learning opportunities in leadership, finance, human resources, and other fields of study critical to the federal government workforce.
General Academics
APUS offers 134 degree programs and 108 certificate programs across five schools of study. More than 1,700 distinct courses are available in either eight- or sixteen-week formats. Most APUS academic terms begin on the first Monday of each month. APUS’s certificate programs generally require a minimum of 18 credit hours and focus on a particular component of a broader degree program. Among those programs are 13 undergraduate and 13 graduate NanoCerts programs, which are focused programs consisting of three academic courses in a related area of interest that provide skills necessary for career or professional development, and result in a micro-credential. Rasmussen University offers over 60 programs across seven schools of study in addition to nursing. Rasmussen University offers more than 745 distinct courses in 5.5 or 11-week formats, with terms beginning in January, April, July, and October of each year.
Nursing
Rasmussen University offers a comprehensive ‘ladder’ of nursing degrees, including a pre-licensure Diploma in PN, ADN degree, and a BSN degree, as well as the post-licensure RN to BSN degree, Master of Science in Nursing degree, and Doctorate of Nurse Practice. In addition, Rasmussen University also offers a post-graduate nursing certificate. Hondros College of Nursing offers on-campus instruction leading to a PN or ADN degree, and, beginning in the fourth quarter of 2024, a Medical Assisting Diploma, as well as a Direct Entry ADN degree option that offers an accelerated graduation pathway for students who meet certain transfer credit, academic, and entrance exam requirements. Portions of these programs are taught online. Academic terms for Hondros College of Nursing’s PN and ADN programs begin four times each year, with courses starting in January, April, July, and October. Graduates of Rasmussen University and Hondros College of Nursing’s PN and ADN programs are eligible to seek licensure after passing the applicable NCLEX exams.
Government Training
Graduate School USA offers professional development and training courses for federal government agencies and the federal government workforce, serving organizations and individuals with programs designed to support organizational missions, career and occupational development, and the personal ambitions of adult learners. Graduate School USA’s offerings include more than 300 courses across 14 program areas.
Student Body
Overall, the company’s institutions have approximately 106,700 students enrolled online and at 28 campuses across nine states, with enrollment calculated differently depending on the institution. In addition, Graduate School USA trained over 24,600 individuals in 2024.
The student body of APUS consists of approximately 88,400 enrolled students, most of whom are employed full-time. Student enrollment is defined as the number of unique active students, including those who take an approved leave of absence, who are attending a course or have completed at least one course within the last 12 months. As of December 31, 2024, approximately 65% of APUS’s students self-reported that they served in the military on active duty at the time of initial enrollment, and approximately 12% of APUS’s students self-reported that they are military veterans. The remainder of APUS’s students are other military or military-affiliated professionals (such as reservists or National Guard members), public service professionals (such as law enforcement personnel or other first responders), and other non-military students (such as working adult students and military spouses). Many APUS students have significant prior education and career experiences; 92% are working adults, and the average age of APUS students is 34. APUS is designed to serve those adult learners with tailored offerings to support them in successfully reaching their individual goals.
Rasmussen University provides education to approximately 14,600 enrolled students at 20 campuses in six states. Student enrollment is defined as the number of unique active students, including those who take an approved leave of absence. Rasmussen University offers programs across a broad range of fields of study, with a focus on healthcare, specifically nursing education. At Rasmussen University, 81% of students are over the age of 25, and 73% are female. As of December 31, 2024, approximately 5,500 students were pursuing nursing degrees at Rasmussen University, over 90% of whom are enrolled in Rasmussen University’s pre-licensure degree programs.
Hondros College of Nursing provides nursing education to approximately 3,700 students at eight campuses in three states. The average Hondros College of Nursing student is approximately 33 years old, and 93% of Hondros College of Nursing students are female. As of December 31, 2024, approximately 65% of Hondros College of Nursing students were enrolled in a PN program, and 35% were enrolled in an ADN program.
Accreditation
The company’s institutions have institutional accreditation, and their programs often have programmatic or specialized accreditation. Institutional accreditation is an important attribute of its institutions. Colleges and universities depend, in part, on accreditation in evaluating transfers of credit and applications to graduate schools. Students and sponsors of tuition reimbursement programs look to accreditation for quality assurance, and employers rely on institutions’ accredited status when evaluating a candidate’s credentials. APUS is institutionally accredited by HLC with a Standard Pathway designation, with the next reaffirmation of accreditation site visit date to take place in 2030-2031. Rasmussen University has institutional accreditation from HLC with an Open Pathway designation, with the next comprehensive evaluation for reaffirmation of accreditation scheduled for May 2026. Hondros College of Nursing is institutionally accredited by ABHES and has been granted continued accreditation through February 2027 for all programs at all campuses. Graduate School USA is accredited by ACCET.
In addition to institutional accreditation, certain of the company’s programs offered have received specialized accreditation. For example, the Accreditation Council for Business Schools and Programs accredits approximately 15 different business-focused academic programs offered by APUS, and accredits APUS’s accounting program under a specialized accounting accreditation. The Commission on Collegiate Nursing Education accredits the Bachelor and Master of Science in Nursing programs at APUS and Rasmussen University. Certain programs offered by Rasmussen University have received specialized accreditation as well. For example, Rasmussen University’s PN and ADN programs are accredited by the Accrediting Commission for Education in Nursing. Hondros College of Nursing’s PN program is accredited by NLN CNEA.
Rasmussen University and Hondros College of Nursing’s locations and programs are approved by state agencies as well. For example, the nursing education programs offered by Rasmussen University and Hondros College of Nursing are approved by the relevant state boards of nursing.
Admissions and Admissions Standards
The company works to attract students who are more likely to persist and succeed in its programs, and continues to identify and implement changes and initiatives in an effort to attract and enroll more college-ready students more effectively. The company welcomes students to apply for admission at any time through online application processes at APUS, Rasmussen University, and Hondros College of Nursing. The current qualification for most undergraduate programs is a high school diploma or General Education Development certificate. Applicants for graduate programs must hold a bachelor’s degree from an accredited U.S. institution or an equivalent foreign institution. For example, Rasmussen University and Hondros College of Nursing require prospective nursing students to achieve qualifying entrance exam scores for certain programs.
Affordability and Cost of Attendance
The company has long been focused on offering its students affordable programs. Affordable tuition has been a priority of APUS since its founding. APUS tuition remains among the lowest in the four-year for-profit sector. APUS costs are more than 25% less than the average in-state full-time undergraduate tuition, fees, and books at four-year public universities, based on the final 2023-2024 institutional data reported to ED through the Integrated Postsecondary Education Data System. This low tuition and fees, in combination with APUS-funded tuition grants and book grants provided to all undergraduate students, resulted in significant savings to APUS students. Additionally, APUS’s generous transfer credit policy, and use of open educational resources, further reduce a student’s out-of-pocket costs. Tuition and fees at Rasmussen University and Hondros College of Nursing are also designed to be affordable and competitive with those of similar institutions offering the same level of flexibility, accessibility, and student experience.
Tuition and Fees
APUS implemented tuition and fee increases for its non-military and veteran students in the second and third quarters of 2023. In April 2024, APUS implemented an additional modest tuition increase to master’s level students across all categories, including military, non-military, and veteran students, and in September 2024, APUS returned the military rate for master’s level students to the $250 per credit hour rate in effect prior to the April 2024 tuition increase. Following these increases, tuition for undergraduate courses is $350 per credit hour, while tuition for master’s level classes is $455 per credit hour. In general, a bachelor’s degree may be earned for $42,000 in tuition costs at current tuition rates, and APUS master’s degrees may be earned for $16,380 in tuition at current tuition rates. APUS does not charge an admission fee, or fees for services, such as registration, course drops, or similar events that trigger fees at many other institutions. Because APUS is an exclusively online institution, there are no required resident fees, such as for parking, food service, student union, and recreation. Most students taking graduate courses at APUS are charged a technology fee of $85 per course. When applicable, APUS students are charged certain additional fees, such as graduation, late registration, transcript request, and comprehensive examination fees.
Grants and Other Fee Reduction Opportunities
In April 2024, APUS increased the Veteran Grant on master’s level courses to 15%, and added a 10% Opportunity Grant for undergraduate and master’s level courses. In addition, veterans who qualify for 100% of their Post-9/11 Veterans Educational Assistance Act of 2008, or Post-9/11 GI Bill, benefits are expected to generally have no out-of-pocket expenses either.
Sources of Student Financing and Financial Aid
The company’s students finance their education through a combination of individual resources, ED’s Title IV programs, private loans, state and federal grants, institutional grants, TA, Department of Veterans Affairs, or VA, educational benefits, and corporate reimbursement programs. Most students rely on some form of financial aid in addition to their individual resources. At APUS, students utilizing DoD’s TA programs as their primary source of payment accounted for 46% of revenue in 2024, those utilizing VA education benefits 24%, those utilizing ED’s Title IV programs 17%, and those utilizing cash and other sources 13%. At Rasmussen University, students utilizing ED’s Title IV programs as their primary source of payment accounted for 76% of revenue in 2024, those utilizing cash and other sources 22%, and those utilizing VA education benefits 2%.
Student Retention and Academic Outcomes
The company’s institutions are focused on executing initiatives that will more effectively support their students and help improve those students’ educational outcomes. Improved engagement is an important element in the company’s intention of retaining qualified students. For example, APUS and Rasmussen University improve engagement through, among other things, faculty engagement initiatives and co-curricular initiatives to increase the level of engagement and collaboration in the classroom, and strengthen the bond between those institutions and their students. The company also carries out initiatives intended to improve the educational outcomes of its students. For example, Rasmussen University’s Council for Nursing Excellence is dedicated to helping students pass the NCLEX exam the first time by identifying student-specific challenge areas, and providing customized tutoring resources and faculty training. In July 2024, Rasmussen University entered into a contract with a third-party to provide nursing program curriculum upgrades, course materials, and testing services to nursing students. These services included integrated NCLEX testing simulation and preparation tools throughout the curriculum, and curriculum assessments to identify areas where Rasmussen University can better enable student mastery and success, which were implemented in January 2025.
Career Development
The company’s institutions offer an array of career services, including complementary personalized career advice for students and alumni through direct interaction with career services staff, career events, such as in-person and virtual job fairs, and on-campus recruiting, and institution-sponsored online job boards. APUS also offers career planning tools, such as an interest assessment to identify career options that fit student interests, and guides to careers associated with student majors, and career preparation services, such as mock interview services, resume review services, and social media review services to improve students’ employer-facing online profiles. Rasmussen University provides a variety of self-service resources, including access to networking, job posting, a career research website, online resume building and interview preparation tools, webinars, and video tutorials, as well as online programmatic advising by dedicated career services advisors. The company strives to link students directly with employers where it can. For example, during the fourth quarter of 2022, Hondros College of Nursing entered into a tuition scholarship program with a national healthcare provider to provide scholarships to ADN students at its Toledo, Ohio campus in exchange for a work commitment following graduation. In the fall of 2023, Hondros College of Nursing partnered with another national healthcare organization to provide similar scholarships to ADN students at its Columbus, Ohio campus. During the fourth quarter of 2024, the company began exploring similar opportunities at Rasmussen University.
Marketing and Branding
The company strives to align its marketing efforts with its business and strategy, and to tailor its marketing approach to its educational offerings and the students it serves. This approach encompasses all its learning modalities, from online to on-campus to hybrid, and all its educational outcomes, from certification to degree, and leading to the career outcomes students seek after they leave the company. As part of these efforts, the company continues to highlight certain key marketing and branding messages that align with its strategy, including educating those who serve, affordability, and value.
The company executes its marketing efforts through both direct-to-student and business-to-business channels. The company’s marketing relationship with students extends across the entire student journey from recruitment to post-graduation, and includes efforts to drive student awareness, improve student onboarding, increase persistence, improve student performance, and focus on career outcomes. The company intends to market to students wherever they may be, through their chosen media or marketing channel, and in the geographies where they are located. The company’s approach includes in-person and relationship-based marketing, as well as digital (including search, company-owned and external content, social media, and streaming services), and more traditional media, such as television, radio, and print marketing efforts.
Nearly 25% of the company’s Rasmussen University enrollments are associated with an alliance or partner relationship. The company has agreements with over 300 employers whose employees pursue an education at Rasmussen University. At APUS, this includes partnerships with community colleges, which prepare students for transfer opportunities to APUS for bachelor’s degree programs. At Rasmussen University and Hondros College of Nursing, the company has begun establishing new partnerships with healthcare providers to further career outcomes and defray costs of education.
Marketing efforts tailored for the company’s institutions consider prospective and current students, including their respective educational goals. To that end, APUS marketing has historically had a relationship-based focus on building long-term relationships with businesses, professional organizations, and individuals in the military, military-affiliated, and public service communities. The company also has programs at APUS that aim to assist members of the military as they transition into private sector jobs. Rasmussen University and Hondros College of Nursing nursing program marketing includes leveraging relationships with, and marketing to, the healthcare community, and the company continues to focus its marketing efforts on non-nursing in markets with increases in demand for those programs.
In April 2024, APU announced its plan to expand its reach to become a global digital university that integrates emerging technology and enhanced teaching and learning opportunities for faculty and students. APU aims to provide students with collaborative learning experiences, classroom support powered by AI, and personalized digital services. Already, students can access personalized career coaches, and 24/7 mental health support, both in multiple languages; AI-based career services; and numerous online practical work experience opportunities.
In October 2022, Rasmussen University and Collegis mutually agreed to the termination of the marketing services contract, effective January 31, 2023, and completed the transition of Rasmussen University marketing to its in-house centralized marketing team. The company continues to develop its marketing team with subject matter expertise, and optimize its initiatives utilizing marketing technology and analytics.
Intellectual Property
The company, or its institutions, has secured or claim rights to trademarks for various names and terms used in its and their respective businesses, including rights in ‘American Public Education, Inc.,’ ‘American Public University System,’ ‘American Military University,’ ‘American Public University,’ ‘Rasmussen University,’ ‘Graduate School USA,’ and others. In connection with the company’s acquisition of Hondros College of Nursing, the company received a royalty-free, irrevocable, exclusive, transferable, sublicensable license to use the name ‘Hondros College of Nursing,’ and, instead of ‘Nursing,’ any other qualifier directly related to nursing, medicine, or healthcare in connection with the business and operations of Hondros College of Nursing.
Seasonality
The company experiences fluctuations in quarterly (year ended December 31, 2024) results. Historically, across the company’s institutions, its enrollments are higher in the fall when students traditionally start their education. The company’s student population also varies as a result of new enrollments, graduations, student attrition, the success of its marketing programs, and other reasons.
Regulatory Environment
APUS, Rasmussen University, and Hondros College of Nursing are approved to participate in TA programs administered by DoD, and veterans education benefits programs administered by the VA, and are therefore also subject to oversight by those agencies. Regulations, standards, and policies of these agencies address the vast majority of the company’s operations, including its educational programs, facilities, instructional and administrative staff, administrative procedures, marketing, recruiting, and financial operations and condition. The company is also regulated in some cases by other federal agencies, including the Consumer Financial Protection Bureau, or CFPB, and Federal Trade Commission, or FTC.
History
American Public Education, Inc. was founded in 1991. The company was incorporated in Delaware in 1991.
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