University of Idaho Wants to Invest $550 Million to Purchase University of Phoenix Assets

United States North America Higher Education News by Erudera News May 19, 2023

University of Idaho

The University of Idaho announced on Wednesday morning, May 17, plans to create a non-profit to purchase the University of Phoenix assets, which are expected to be sold for $550 million.

The new announcement comes weeks after negotiations on the same matter between the two institutions, hit a dead end, reports.

“The University of Idaho and the University of Phoenix intend, with proper approvals, to affiliate with the goal of increasing access to all learners, improving capacity for supporting all learners and helping all learners achieve their higher education goals,” a statement released by the University of Phoenix reads.

The deal awaits a green light from the school’s accreditors and the Federal Education Department. The two universities will initially operate as two separate entities despite the deal, but Phoenix might eventually join the Idaho system, according to university officials.

In an interview with The Washington Post, provost and executive vice president at the University of Idaho, Torrey Lawrence, said that the deal is an opportunity to learn from each other and offers a chance to cooperate uniquely.

Lawrence also told the newspaper their affiliation would give the state university access to a robust technological infrastructure and online academic programs, including those not offered at the university, such as nursing and counseling.

At the same time, during a meeting of the Idaho State Board of Education, Idaho President Scott Green commented on the effects of the partnership, saying it would, among other things, expand the sources of income for the university, thus ensuring greater economic stability.

“The affiliation will diversify our revenue streams to provide greater economic stability for delivery of educational opportunities,” President Green said during the meeting.

In a Q&A on its website about the partnership, the University of Idaho said that the main reason it wanted to affiliate with the University of Phoenix is the mutual mission of both institutions, which is to help students succeed in their careers and lives.

In one of the questions about why Phoenix is selling its assets, Idaho said that the school’s management is confident it has already reached the goals set several years ago and is ready to start a new chapter for the university’s evolution.

The University of Phoenix was established in 1976, which offers flexible online learning as students prefer the online format. The institution has nearly 85,000 students and offers study programs at all levels, including bachelor’s, master’s, and Ph.D. degrees.

On the other hand, the University of Phoenix is a private for-profit institution in Phoenix, Arizona. It employs nearly 130 full-time faculty.

Image source: the Twitter account of the University of Idaho

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