<SUBMISSION>
<ACCESSION-NUMBER>0001046568-08-000009
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20080215
<ITEMS>8.01
<FILING-DATE>20080221
<DATE-OF-FILING-DATE-CHANGE>20080220
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CAREER EDUCATION CORP
<CIK>0001046568
<ASSIGNED-SIC>8200
<IRS-NUMBER>363932190
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1116
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-23245
<FILM-NUMBER>08631033
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2895 GREENSPOINT
<STREET2>SUITE 600
<CITY>HOFFMAN ESTATES
<STATE>IL
<ZIP>60195
<PHONE>8477813600
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>2800 WEST HIGGINS ROAD
<STREET2>SUITE 790
<CITY>HOFFMAN ESTATES
<STATE>IL
<ZIP>60195
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k.htm
<DESCRIPTION>FORM 8K
<TEXT>
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      D.C. 20549</strong></font></div>
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      8-K</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 13pt; FONT-FAMILY: Times New Roman;"><strong>CURRENT
      REPORT</strong></font></div>
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      Securities Exchange Act of 1934</strong></font></div>
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                communications pursuant to Rule 425 under the Securities Act (17
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    <div>&#160;</div>
    <div><br>&#160;</div>
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    </div>
    <div>&#160;</div>
    <div id="PN" style="PAGE-BREAK-AFTER: always">
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    <div id="HDR">&#160;</div>
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      <div id="FTR"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman;"><strong><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Item
        8.01
        Other Events.</font></strong></font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">On
          February 15, 2008, Career Education Corporation (the &#8220;Company&#8221;) issued a press
          release announcing the Company's&#160;plans to teach-out programs at selected
          schools held for sale. A copy of the Company&#8217;s press release is attached hereto
          as Exhibit 99.1, and the information contained therein is incorporated
          herein by
          reference.</font></div>
        <div><br></div>
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          9.01 Financial Statements and Exhibits.</strong></font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(d)
          Exhibit</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>Number</u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Description
          of Exhibit</u></strong></font></div>
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                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">99.1</font></div>
                </td>
                <td>
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Press
                    release of the Company, dated February 15, 2008, announcing the
                    Company's&#160;plans to teach-out programs at selected schools held for
                    sale.&#160;</font></div>
                </td>
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      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman;">2&#160;&#160;</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      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 hereunto
      duly authorized.</font></div>
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                Michael J. Graham</font></div>
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            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">Michael
                J. Graham</font></div>
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          </tr>
          <tr>
            <td valign="top" width="63%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">Executive
                Vice President and&#160;Chief Financial
                Officer</font></div>
            </td>
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      February 20, 2008</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font>
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    <div>&#160;</div>
    <div>&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;Exhibit
      99.1</strong></font></div>
    <div><img src="logo2.jpg" alt=""></div>
    <div><br>&#160;</div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman;"><strong><u>FOR
      IMMEDIATE RELEASE</u></strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman;"><strong>Contact:</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>Media</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Lynne
      Baker</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">847-851-7006</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Andrea
        Meyer</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">847-585-3937</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>Investors</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Karen
      King</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">847-585-3899</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>www.careered.com</u></font></div>
    <div><br></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>Career
      Education Corporation Announces Plans to Teach-Out Programs at Selected Schools
      Held for Sale</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman;"><strong><em>Students
      to Graduate as Scheduled </em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman;"><strong><em>Support
      Services Will Continue to be Provided</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>HOFFMAN
      ESTATES, IL.--(February 15, 2008)</strong>&#8211; Career Education Corporation
      (NASDAQ:CECO) announced today plans to &#8220;teach-out&#8221; all programs at McIntosh
      College, Lehigh Valley College, and seven of the campuses that were a part
      of
      the Gibbs Division:&#160;&#160;Gibbs Colleges in Cranston, R.I.; Boston, MA;
      Livingston and Piscataway, N.J.; and Norwalk, CT; and Katharine Gibbs Schools
      in
      New York, N.Y. and Norristown, PA.&#160;&#160;&#160;Each campus will employ a
      gradual teach-out process, enabling it to continue to operate while current
      students complete their programs.&#160; The campuses will no longer enroll new
      students.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">On
      November 15, 2006, the company announced plans for a strategic divestiture
      through a sale of selected schools and colleges, including those schools listed
      above, in order to better align the company&#8217;s resources and focus. On June 28,
      2007, the company announced plans to teach-out both the Long Beach and
      Sunnyvale, California campuses of Brooks College, as it was unable to locate
      an
      appropriate buyer.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      company&#8217;s leadership has worked diligently to attract viable buyers and through
      early February, 2008 attempted to identify and structure a transaction that
      made
      sense for all parties. Despite the company&#8217;s best efforts, it could not find a
      suitable arrangement that would be acceptable to purchasers and protect the
      short and long-term interests of the schools&#8217; students, faculty and
      staff.&#160;&#160;After a detailed review of alternatives including the
      continued operation of certain schools, converting the schools to alternative
      formats or brands, teach-outs, and selling individual schools, the company
      has
      decided to teach-out all of the programs at McIntosh College, Lehigh Valley
      College and seven Gibbs campuses.&#160;&#160;The company will seek approval to
      convert Gibbs College in Vienna, Virginia and Katharine Gibbs School in
      Melville, New York to Sanford-Brown campuses, focusing on allied health
      programs.&#160;&#160;During the first quarter of 2008, these two Gibbs campuses
      will be reported within the Health segment.&#160;&#160;The nine campuses being
      taught out will be included in continuing operations as part of a new
      Transitional Schools business segment, formed to best serve students by
      effectively managing campuses that are being taught out. That segment will
      be
      led by Anthony Stanziani, former managing director for the company&#8217;s College
      Division.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#8220;We
      considered these decisions very carefully and took additional time to do so
      to
      ensure an outcome that takes into account the vital&#160;&#160;interests of
      students, faculty and staff,&#8221;&#160;&#160;said Gary E. McCullough, president and
      CEO of Career Education Corporation.&#160;&#160;&#8220;We are deeply grateful to our
      faculty and staff for their unwavering commitment to their campus and students
      during the period of uncertainty over the last year, and for their continued
      commitment to serving their students throughout this process.&#8221;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">During
      the teach-out period, each campus will continue to operate with minimal
      disruption to current students, enabling them to complete their programs at
      the
      current location.&#160; Student services, including internships, financial aid
      and student records, will remain available on each campus until the last student
      graduates.&#160;&#160;Upon closure, records and other student support services
      will move to one central location accessible via the Internet, except as
      necessary for those services to remain local. Graduates will be notified
      accordingly.&#160;&#160;The company anticipates the final date for closure of
      all campuses to be December 31, 2009, but individual campuses may wind down
      operations earlier or later, depending on the needs of students at each
      campus.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">About
      Career Education Corporation</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      colleges, schools, and universities that are part of the Career Education
      Corporation (CEC) family offer high quality education to a diverse population
      of
      approximately 90,000 students across the world in a variety of career-oriented
      disciplines. The more than 75 campuses that serve these students are located
      throughout the U.S. and in Canada, France, Italy, and the United Kingdom, and
      offer doctoral, master's, bachelor's, and associate degrees and diploma and
      certificate programs. Approximately one third of our students attend the
      web-based virtual campuses of American InterContinental University Online and
      Colorado Technical University Online.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">CEC
      is an
      industry leader whose gold-standard brands are recognized globally. Those brands
      include Le Cordon Bleu Schools North America; Harrington College of Design;
      Brooks Institute; International Academy of Design &amp; Technology; American
      InterContinental University; Colorado Technical University and Sanford-Brown
      Institutes and Colleges. Through its schools, CEC is committed to providing
      quality education, enabling students to graduate and pursue rewarding
      careers.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">For
      more
      information, see the company&#8217;s website at http://www.careered.com. The company's
      website includes a detailed listing of individual campus locations and web
      links
      to its more than 75 colleges, schools, and universities.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>Except
      for the historical and present factual information contained herein, the matters
      set forth in this release, including statements identified by words such as
      &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;plan,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;project,&#8221; &#8220;will,&#8221; and
      similar expressions, are forward-looking statements as defined in Section 21E
      of
      the Securities Exchange Act of 1934, as amended. These statements are based
      on
      information currently available to us and are subject to various risks,
      uncertainties and other factors that could cause our actual growth, results
      of
      operations, performance and business prospects, and opportunities to differ
      materially from those expressed in, or implied by, these statements. Except
      as
      expressly required by the federal securities laws, we undertake no obligation
      to
      update such factors or to publicly announce the results of any of the
      forward-looking statements contained herein to reflect future events,
      developments, or changed circumstances or for any other reason. These risks
      and
      uncertainties, the outcome of which could materially and adversely affect our
      financial condition and operations, include, but are not limited to, the
      following: risks associated with unfavorable changes in the cost or availability
      of financing, including alternative loans, for our students; potential higher
      bad debt expense or reduced revenue associated with requiring students to pay
      more of their educational expenses while in school; increased competition;
      the
      effectiveness of our regulatory compliance efforts; future financial and
      operational results, including the impact of the impairment of goodwill and
      other intangible assets; risks related to our ability to comply with accrediting
      agency requirements or obtain accrediting agency approvals; risks related to
      our
      ability to comply with, and the impact of changes in, legislation and
      regulations that affect our ability to participate in student financial aid
      programs; costs, risks, and effects of legal and administrative proceedings
      and
      investigations and governmental regulations, and class action and other
      lawsuits; costs, risks and uncertainties associated with our company-wide
      restructuring, including risks and uncertainties associated with changes in
      management and reporting responsibilities; costs and difficulties related to
      the
      integration of acquired businesses; risks related to our ability to manage
      and
      continue growth; risks related to the sale or teach-out of any campuses; risks
      related to general economic conditions (including credit market conditions),
      and
      other risk factors relating to our industry and business and the factors
      discussed in our Annual Report on Form 10-K for the year ended December 31,
      2006, and from time to time in our other reports filed with the Securities
      and
      Exchange Commission.</em></font></div>
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