ARLINGTON, Va., April 30, 2008 — Strayer Education, Inc. (Nasdaq: STRA) today announced financial results for the three months ended March 31, 2008. Financial highlights are as follows:

“We are pleased with our solid financial results for the first quarter and our strong student enrollment for the spring term,” said Robert S. Silberman, Chairman and Chief Executive Officer of Strayer Education, Inc. “We continue to expand our geographic footprint with the successful opening of campuses in two new Florida markets: Jacksonville and Palm Beach.”

At March 31, 2008, the Company had cash and cash equivalents of $118.9 million and no debt. During the three months ended March 31, 2008, the Company sold its $76.8 million investment in a short-term, tax exempt bond fund and invested the proceeds in money market funds. This sale resulted in a gain before tax of $0.8 million. The Company generated $34.2 million from operating activities in the first quarter of 2008, compared to $19.4 million during the same period in 2007. Net cash provided by operating activities on the March 31, 2007 and 2008 condensed consolidated statements of cash flows was reduced, in accordance with FAS 123(R), by $9.1 million and $5.0 million, respectively, related to a reclassification of tax benefits from stock option exercises during the respective quarters. However, the favorable cash flow effect of this tax benefit is not realized until the second quarter of each year when estimated tax payments for the respective year are made. Capital expenditures were $5.1 million for the three months ended March 31, 2008, compared to $3.9 million for the same period in 2007.

During the three months ended March 31, 2008, the Company invested $56.3 million to repurchase 353,083 shares of its common stock at an average price of $159.36 per share as part of a previously announced common stock repurchase authorization. The Company’s remaining authorization for common stock repurchases was approximately $26 million at March 31, 2008. During the three months ended March 31, 2008, the Company paid a regular, quarterly common stock dividend of $5.3 million ($0.38 per share) and a special common stock dividend of $28.9 million ($2.00 per share). The Company also received $3.4 million upon the exercise of 100,000 stock options.

For the first quarter 2008, bad debt expense as a percentage of revenues was 2.5% compared to 2.6% for the same period in 2007. Days sales outstanding, adjusted to exclude tuition receivable related to future quarters, was 12 days at the end of the first quarter of 2007 and 2008.

Enrollment at Strayer University for the 2008 spring term increased 19% to 37,733 students compared to 31,656 for the same term in 2007. Across the Strayer University campus and online system, new student enrollments increased 28%, while continuing student enrollments increased 17%. Global online students increased 45%. Students taking 100% of their classes online (including campus based students) increased 23%. The total number of students taking at least one class online increased 21%.

	Spring 2007	Spring 2008	% Change

Campus Based Students:
New Campuses (23 in operation 3 years or less)
Classroom Students	1,379	2,781	102%
Online Students	2,180	3,858	77%
Total New Campus Based Students	3,559	6,639	87%

Mature Campuses (32 in operation more than 3 years)
Classroom Students	11,825	12,226	3%
Online Students	13,491	14,849	10%
Total Mature Campus Based Students	25,316	27,075	7%

Total Campus Based Students	28,875	33,714	17%

Global Online Students	2,781	4,019	45%

Total University Enrollment	31,656	37,733	19%

Total Students Taking 100% of Courses Online	18,452	22,726	23%

Total Students Taking at Least 1 Course Online	22,392	27,064	21%

The Company announced today that Strayer University had successfully opened two new campuses for the summer academic term. Both campuses are in new Florida markets – one in Jacksonville and the other in Palm Beach. With these two new campuses, the Company has opened six of the nine new campuses planned for 2008.

On April 29, 2008, the Company awarded 2,617 shares of restricted stock to various non-employee members of the Company’s Board of Directors as part of its annual director compensation program. The Company’s stock price closed at $179.89 on the date of this restricted stock grant.

At March 31, 2008, the Company had 14,216,087 common shares issued and outstanding, and 290,084 stock options outstanding with a weighted average exercise price of $84.33 and a remaining weighted average contractual life of 3.1 years.

The Company announced today that its Board of Directors had declared its regular, quarterly common stock cash dividend of $0.375 per share. This dividend will be paid on June 10, 2008 to shareholders of record as of May 27, 2008.

Based on the strong enrollment growth announced for the 2008 spring term, the Company estimates second quarter 2008 diluted EPS will be in the range of $1.45 to $1.47.

Strayer Education, Inc. will host a conference call to discuss its first quarter 2008 earnings at 10:00 a.m. (ET) today. To participate on the live call, investors should dial (800) 289-0468 10 minutes prior to the start time. In addition, the call will be available via live Webcast over the Internet. To access the live Webcast of the conference call, please go to www.strayereducation.com 15 minutes prior to the start time of the call to register. An archived replay of the conference call will be available at (888) 203-1112 (pass code 4368500) starting at 1:00 p.m. (ET) today and will be available through Sunday, May 4, and archived at www.strayereducation.com for 90 days.

Strayer Education, Inc. (Nasdaq: STRA) is an education services holding company that owns Strayer University and certain other assets. Strayer’s mission is to make higher education achievable and convenient for working adults in today’s economy. Strayer University is a proprietary institution of higher learning that offers undergraduate and graduate degree programs in business administration, accounting, information technology, education, health care, and public administration to approximately 38,000 working adult students at 57 campuses in 12 states and Washington, D.C., in the eastern United States and worldwide via the Internet. Strayer University is committed to providing an education that prepares working adult students for advancement in their careers and professional lives. Founded in 1892, Strayer University is accredited by the Middle States Commission on Higher Education.

For more information on Strayer Education, Inc. visit www.strayereducation.com and for Strayer University visit www.strayer.edu.

This press release contains statements that are forward looking and are made pursuant to the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995 (“Reform Act”). The statements are based on the Company’s current expectations and are subject to a number of uncertainties and risks. In connection with the safe harbor provisions of the Reform Act, the Company has identified important factors that could cause the Company’s actual results to differ materially. The uncertainties and risks include the pace of growth of student enrollment, our continued compliance with Title IV of the Higher Education Act, and the regulations thereunder, as well as regional accreditation standards and state and regional regulatory requirements, competitive factors, risks associated with the opening of new campuses, risks associated with the offering of new educational programs and adapting to other changes, risks associated with the acquisition of existing educational institutions, risks relating to the timing of regulatory approvals, our ability to implement our growth strategy, and general economic and market conditions. Further information about these and other relevant risks and uncertainties may be found in the Company’s annual report on Form 10-K and its other filings with the Securities and Exchange Commission, all of which are incorporated herein by reference and which are available from the Commission. We undertake no obligation to update or revise forward looking statements.

	For the three months ended March 31,
	2007		2008
Revenues	$	80,193	$	97,074
Costs and expenses:
Instruction and educational support		26,223		31,642
Selling and promotion		12,875		15,095
General and administration		12,148		14,778
Total costs and expenses		51,246		61,515
Income from operations		28,947		35,559
Investment and other income		1,380		2,036
Income before income taxes		30,327		37,595
Provision for income taxes		11,521		14,073
Net income	$	18,806	$	23,522
Net income per share:
Basic	$	1.33	$	1.67
Diluted	$	1.30	$	1.64
Weighted average shares outstanding:
Basic		14,180		14,104
Diluted		14,490		14,340
Common dividends per share:
Regular	$	0.31	$	0.38
Special	$	—	$	2.00

	At December 31, 2007		At March 31, 2008
ASSETS
Current assets:
Cash and cash equivalents	$	95,036	$	118,866
Marketable securities available for sale, at fair value		76,299		—
Tuition receivable, net of allowances for doubtful accounts of $3,206 and $3,668 at December 31, 2007 and March 31, 2008, respectively		100,651		103,466
Other current assets		4,097		5,360
Total current assets		276,083		227,692
Property and equipment, net		57,946		58,952
Deferred income taxes		8,830		9,951
Restricted cash		500		500
Other assets		419		494
Total assets	$	343,778	$	297,589

LIABILITIES & STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	15,682	$	17,463
Accrued expenses		3,303		2,620
Income taxes payable		4,754		10,981
Dividends payable		28,853		—
Unearned tuition		91,476		94,144
Other current liabilities		281		281
Total current liabilities		144,349		125,489
Long-term liabilities		10,922		10,764
Total liabilities		155,271		136,253
Commitments and contingencies
Stockholders’ equity:
Common stock, par value $.01; 20,000,000 shares authorized; 14,426,634 and 14,216,087 shares issued and outstanding at December 31, 2007 and March 31, 2008, respectively		144		142
Additional paid-in capital		87,080		41,909
Retained earnings		101,102		119,285
Accumulated other comprehensive income		181		—
Total stockholders’ equity		188,507		161,336
Total liabilities and stockholders’ equity	$	343,778	$	297,589

	For the three months ended March 31,
	2007			2008
Cash flows from operating activities:
Net income	$	18,806		$	23,522
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred rent		(22	)		(87	)
Amortization of gain on sale of property & equipment		—			(71	)
Gain on sale of marketable securities		—			(785	)
Depreciation and amortization		2,018			2,420
Deferred income taxes		(1,273	)		(1,318	)
Stock-based compensation		2,401			2,683
Changes in assets and liabilities:
Tuition receivable, net		(5,918	)		(2,815	)
Other current assets		(1,237	)		(943	)
Other assets		(2	)		(78	)
Accounts payable		224			3,483
Accrued expenses		(211	)		(683	)
Income taxes payable		7,970			11,259
Excess tax benefits from stock-based payment arrangements¹		(9,057	)		(5,033	)
Unearned tuition		5,707			2,668
Net cash provided by operating activities		19,406			34,222
Cash flows from investing activities:
Purchases of property and equipment		(3,885	)		(5,128	)
Proceeds from the sale of marketable securities		—			76,785
Net cash (used in) provided by investing activities		(3,885	)		71,657
Cash flows from financing activities:
Regular common dividends paid		(4,551	)		(5,339	)
Special common dividends paid		—			(28,854	)
Proceeds from exercise of stock options		10,923			3,378
Excess tax benefits from stock-based payment arrangements¹		9,057			5,033
Repurchase of common stock		(7,984	)		(56,267	)
Net cash provided by (used in) financing activities		7,445			(82,049	)
Net increase in cash and cash equivalents		22,966			23,830
Cash and cash equivalents – beginning of period		52,663			95,036
Cash and cash equivalents – end of period	$	75,629		$	118,866

Non-cash transactions:
Purchases of property and equipment included in accounts payable	$	197		$	792
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