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<SEC-DOCUMENT>0000950123-10-057974.txt : 20100614
<SEC-HEADER>0000950123-10-057974.hdr.sgml : 20100614
<ACCEPTANCE-DATETIME>20100614165935
ACCESSION NUMBER:		0000950123-10-057974
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100609
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20100614
DATE AS OF CHANGE:		20100614

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Grand Canyon Education, Inc.
		CENTRAL INDEX KEY:			0001434588
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				203356009
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34211
		FILM NUMBER:		10895440

	BUSINESS ADDRESS:	
		STREET 1:		3300 W. CAMELBACK ROAD
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85017
		BUSINESS PHONE:		602-639-7500

	MAIL ADDRESS:	
		STREET 1:		3300 W. CAMELBACK ROAD
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85017
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c02430e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<HEAD>
<TITLE>Form 8-K</TITLE>
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<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>


<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): June 9, 2010</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>Grand Canyon Education, Inc.<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>001-34211</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>20-3356009</B></TD>
</TR>
<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
</TR>
</TABLE>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>3300 W. Camelback Road<BR>Phoenix, Arizona<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>85017</B></TD>
</TR>
<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(602) 639-7500</B>


<TABLE border="0" width="30%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="100%">&nbsp;</TD>
</TR>
<TR>
    <TD nowrap style="border-bottom: 1px solid #000000"><B>&nbsp;</B></TD>
</TR>
<TR>
    <TD nowrap>(Former name or former address if changed since last report.)</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


<P>
<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">1
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;1.01.</B>&nbsp;&nbsp;<U><B>Entry into a Material Definitive Agreement</B></U><B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 3%">On June&nbsp;9, 2010, Grand Canyon Education, Inc. (the &#147;Company&#148;), entered into Amendment No.&nbsp;1
(the &#147;Amendment&#148;) to the Loan Agreement, dated April&nbsp;27, 2009, between the Company and Bank of
America, N.A. Under the Amendment, the interest rate on the unpaid amount of the Company&#146;s loan
under Section&nbsp;1.4(a) of the Agreement was reduced from a rate per year equal to the BBA LIBOR Rate
(as defined in the Agreement), plus three hundred and fifty (350)&nbsp;basis points, to a rate per year
equal to the BBA LIBOR Rate, plus two hundred twenty five (225)&nbsp;basis points.
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>Item&nbsp;8.01.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Other Events</B></U><B>.</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt; text-indent: 3%">The Company is providing the following update relating to its <I>qui tam </I>litigation
and the U.S. Department of Education (&#147;DOE&#148;), Office of Inspector General (&#147;OIG&#148;) investigation. The Company&#146;s most
recent disclosure concerning these matters, which is set forth in Part&nbsp;II, Item&nbsp;1 of its Quarterly Report on Form 10-Q
for its fiscal quarter ended March&nbsp;31, 2010, is incorporated herein by reference.


<P align="left" style="font-size: 10pt; text-indent: 3%">As previously disclosed, pursuant to the Court&#146;s mandatory scheduling order, the Company entered into settlement
discussions with respect to the <I>qui tam </I>matter with the relator and, in October&nbsp;2009, reached a settlement in principle
with the relator pursuant to which the Company has agreed to pay $5.2&nbsp;million to finally resolve the <I>qui tam </I>case and
thereby avoid the cost and distraction of a potentially protracted trial. At that time, the Company also accrued $5.2
million for the estimated litigation loss.


<P align="left" style="font-size: 10pt; text-indent: 3%">Following unsuccessful attempts to conclude a settlement agreement among the Company, the relator and the United
States, on April&nbsp;28, 2010, the Company and the relator submitted a proposed settlement agreement to the Court for
approval. In accordance with a scheduling order set by the Court, the United States filed certain objections to the
proposed settlement agreement to which the Company and the relator responded. The Court then held a hearing regarding
the proposed settlement agreement, and the United States&#146; objections thereto, on June&nbsp;10, 2010.


<P align="left" style="font-size: 10pt; text-indent: 3%">Following the June&nbsp;10, 2010 hearing, the Court ruled that, notwithstanding the United States&#146; objections, the
Court would not object to the provisions of the settlement agreement proposed by the Company and the relator that
provide, among other things, (a)&nbsp;that the $5.2&nbsp;million settlement amount would be payable by the Company on the earlier
of September&nbsp;1, 2011 or the issuance by the DOE to the Company of a Title IV program participation agreement (the
Company&#146;s application for which had been pending since March&nbsp;2008), and (b)&nbsp;that the Company would receive a release
from future False Claims Act claims (i.e. <I>qui tam </I>actions) with respect to all conduct which is of the same subject
matter as the conduct that is at issue in the current <I>qui tam </I>litigation (the &#147;covered conduct&#148;) through the date that the
settlement agreement is approved by the Court. The Court asked for further briefing on the issue of whether the Court
has jurisdiction to approve the settlement agreement, over the United States&#146; objections, if it includes (i)&nbsp;within the
scope of the release provision, a release from future DOE administrative actions with respect to the covered conduct,
and (ii)&nbsp;a provision confirming that the Company has fully complied with the OIG subpoena (the &#147;contested provisions&#148;).
If still objected to by the United States, then, under the Court&#146;s new scheduling order, following briefing by the
parties, a final hearing on approval, modification, or rejection of the contested provisions will be held on August&nbsp;13,
2010. If the Court determines that it cannot approve the contested provisions, then the parties may agree to strike
those provisions and the Court, per its June&nbsp;10, 2010 ruling, will approve a settlement consisting of the remaining
proposed provisions, including those described in (a)&nbsp;and (b)&nbsp;above. Alternatively, the Company would have the option
to abandon the proposed settlement and continue with its defense of the litigation. In either such event, the DOE
would retain the power it currently possesses to continue with the OIG investigation and/or to initiate other
administrative actions, including a program review, against the Company based on the covered, or any other, conduct.

<P align="center" style="font-size: 10pt; text-indent: 3%">&nbsp;

<P align="center" style="font-size: 10pt; display: none">2
</DIV>

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<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt; text-indent: 1%">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.



<P align="left" style="margin-left:46%; font-size: 10pt">GRAND CANYON EDUCATION, INC.


<P align="left" style="font-size: 10pt">Date: June&nbsp;14, 2010

<P align="left" style="margin-left:46%; font-size: 10pt; margin-top: -11pt">By:&nbsp;&nbsp;&nbsp;<U>/s/ Daniel E. Bachus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Daniel E. Bachus<BR>
Chief Financial Officer<BR>
(Principal Financial and Principal Accounting Officer)


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">3




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