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Zenith Education Group Statement Regarding Report of Independent Monitor July 2017 – December 2017

We appreciate the time and energy contributed by the independent monitor in assessing Zenith’s compliance under our agreement with the Department of Education. However, we are concerned that the monitor’s most recent report contains several apparent misunderstandings and, in some cases, misstatements of Zenith’s business practices and regulatory requirements.

For example, the monitor argues that Zenith’s homepage fails to comply with a Department of Education regulatory guidance, the enforcement of which has been delayed and thus does not apply to Zenith. Additionally, the monitor’s report mischaracterizes the nature of a teach out, which allows students to complete their entire educational program, not just specific courses, before a campus is closed.

The monitor also makes a number of misleading inferences regarding Zenith’s recent decisions to rebrand our Everest campuses to Altierus, as well as to teach out a number of those campuses. We are proud of the activities we undertook at the acquired campuses over the past three years, and all students at our teach-out campuses have the opportunity to complete their educational programs.

Since acquiring 56 campus facing certain and immediate closure in 2015, we made significant investments in student success, including contributing $500 million in cash that resulted in savings for American taxpayers of an estimated $435 million in potential closed school losses, and facilitated the discharge of more than $480 million of private student debt, sparing students the burden of repayment. In total, we graduated more than 15,000 students in the programs we continued after we acquired the schools and achieved a 73.2 percent success rate in placing those students in jobs in their sector.

Zenith remains fully committed to our mission of student success at our teach-out campuses and our remaining Altierus campuses in Tampa, Bissonnet and Norcross, where we are doubling down on our focus on the most effective initiatives and innovative ideas that provide underserved students with the best opportunities for career success.

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