ASPEN GROUP Business Summary

Aspen Group, Inc. (ASPU) is an education technology holding company that operates through its two primary subsidiaries, Aspen University (AU) and United States University (USU). The company generates revenue primarily through tuition and fees from online baccalaureate, master's, and doctoral degree programs, with a heavy concentration in the nursing and health sciences sectors, which accounted for approximately 84% of the student body as of mid-2025. Aspen utilizes a disruptive "debt-free" business model characterized by monthly payment plans offering 0% fixed interest and no down payment, designed to appeal to working adult learners. As of early 2026, the company is executing a strategic consolidation to merge AU and USU into a single surviving entity (USU) to streamline its EdTech infrastructure and improve operational margins. Direct competitors include Grand Canyon Education (LOPE), American Public Education (APEI), and Adtalem Global Education (ATGE); Aspen differentiates itself by positioning as a high-ROI, low-cost alternative specifically tailored to the nursing workforce shortage. The leadership team is led by Michael Mathews, who has served as CEO and Chairman since 2012 and is the primary architect of the company’s affordable tuition model; his background includes serving as CEO of Interclick (acquired by Yahoo). The executive suite includes CFO Matthew LaVay, formerly the CFO of Ellie Mae, and COO Gerard Wendolowski, alongside Chief Academic Officer Dr. Cheri St. Arnauld, who also serves as President of Aspen University. The company’s board of directors features notable industry veterans including Andrew Kaplan, Managing General Partner at Education Growth Partners, and Mike Koehneman, former Global Advisory COO at PwC. Other key board members include Sanford Rich, Executive Director of the New York City Board of Education Retirement System, providing the company with significant institutional oversight and expertise in educational finance and large-scale operations.