CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$ 10,447	$ 759
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	5,981	6,462
Provision for doubtful accounts	12,183	16,615
Deferred income taxes	9,869	(2,317)
Stock-based compensation expense	1,896	2,551
Accretion of discount on private education loans	(3,081)	(3,133)
Accretion of discount on long-term debt	391	0
Accretion of discount on PEAKS Trust senior debt	1,655	6,452
Accretion of discount on CUSO secured borrowing obligation	219	0
Provision for private education loan losses	1,244	0
Other	(267)	(180)
Changes in operating assets and liabilities, net of acquisition:
Restricted cash	(288)	1,343
Accounts receivable	(12,000)	6,302
Private education loans	6,644	4,010
Accounts payable	5,542	9,315
Other operating assets and liabilities	717	(4,032)
Deferred revenue	(7,619)	(7,229)
Net cash flows from operating activities	33,533	36,918
Cash flows from investing activities:
Capital expenditures, net	(869)	(1,510)
Acquisition of company	0	(4,449)
Proceeds from repayment of notes	0	96
Net cash flows from investing activities	(869)	(5,863)
Cash flows from financing activities:
Repayment of long-term debt	(2,500)	0
Repayment of PEAKS Trust senior debt	(15,646)	(41,070)
Repayment of CUSO secured borrowing obligation	(4,037)	0
Common shares tendered for taxes	(467)	(721)
Net cash flows from financing activities	(22,650)	(41,791)
Net change in cash and cash equivalents	10,014	(10,736)
Cash and cash equivalents at beginning of period	135,937	215,771
Cash and cash equivalents at end of period	$ 145,951	$ 205,035