PHOENIX — University of Phoenix founder John G. Sperling made himself a billionaire luring students away from old-style night schools during the past 30 years.
His for-profit campuses offered an attractive alternative: diplomas with national recognition, and online classes they could take from home.
But recently the Arizona-based company has struggled to return the kind of profits expected from an education pioneer. Mainstream universities have flooded the market for Internet classes, and the company has accumulated millions of dollars in bad debt as it turned to younger students to fill classrooms. Read full article