, saying that half of America’s 3,900 colleges would likely go bankrupt.
Since LeBlanc took over in 2003, SNHU has gone from a little-known third-rate undergraduate business school with 2,800 students, no endowment and a budget that was barely in the black, to America’s biggest university by enrollment with 97% of its students online. But great customer service and increased name recognition following a new national advertising campaign didn’t help when the recession took hold in 2009. Facing his first operating deficit, a projected $3 million, LeBlanc persuaded the board to spend an additional $4 million on TV ads, starting in January 2010. By October 2010, the deficit had turned into an $11 million surplus. Since then, enrollment has shot up by 125,000 students in the space of eight years.
The College for America is especially relevant for working adults, LeBlanc says, since a student who has been a self-taught bookkeeper in a family business for a decade can ace a CBE accounting course without studying, thus earning college credit for accumulated knowledge.
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