The Social and Behavioral Sciences programs are designed for people with a passion for making a difference in the lives of others.
Whether you are on your way up the corporate ladder or just getting started, our business degree programs and certificates could help you prepare to take your business career to a higher level.
Whether you want to enter the field of criminal justice or need credentials to advance your career, Kaplan University's criminal justice degree programs are designed to help you achieve your goal.
Our degree programs and certificates could help prepare you to teach diverse learners a broad range of academic content and educational foundations.
Our comprehensive fire science programs offer the flexibility of online learning, ideal for individuals in the fire science and emergency management fields who may work inconsistent hours.
You could acquire real-world knowledge and practical skills and prepare for a career in the health care industry by earning a health sciences degree, diploma, or certificate.
Our programs in legal studies, paralegal studies, and environmental policy are designed to fit your educational goals.
Our nursing degree and certificate programs are taught by practicing professionals who are dedicated to helping you prepare for real-world challenges in nursing.
Kaplan University's IT programs are designed to prepare you with the knowledge and skills you need to start or advance your technology career.
Kaplan University offers over 180 degree and certificate programs all available to military, veterans, and spouses of active duty members. In addition, several programs have been developed to complement specific military occupations or programs established by the military.
The Kaplan University School of General Education courses support the academic, social, personal, and professional development of learners throughout their engagement with the University.
Open College at Kaplan University (OC@KU) offers individualized, affordable education that integrates technology and personalized service to help learners meet their career, academic, and personal goals.
Offering the flexibility of online education and support for military students.
Every day, talented individuals are proving it's never too late to think about the future.
Learn more about becoming an international student at US-based and accredited Kaplan University.
Learn about transferring your previously earned college credits to Kaplan University.
We have partnered with many employers and educational institutions to provide their employees and students with education opportunities.
Corporate and Academic Partners
Kaplan University is dedicated to the support, engagement, and involvement of our graduates.
Resources for current Kaplan University students.
We have 15 ground locations across the country. Explore our locations to see if we're in your neighborhood.
Learning Center Experience
By Rachel Byers, PhD, CPA, Accounting Faculty, Kaplan University Published January 2016
Do you own a profitable business that is in need of capital
for growth? Have you reached the maximum amount of collateralized debt that
banks are willing to lend your company but don’t want to relinquish substantial
equity? If so, mezzanine financing may be
In a cash strapped economy, businesses have to get creative
with structuring financing deals. Mezzanine debt is an option for financing
that falls between senior, collateralized debt and private equity funding. Because
mezzanine debt is unsecured, subordinated debt (debt that ranks after other
debt in liquidation/bankruptcy), lenders require high returns on their
investment. Who might be interested in this type of capital structure?
Companies looking to fund a growth opportunity like an acquisition or a new
product, that’s who.
Consider a start-up company with very little invested by the
original owners that has grown substantially over the course of 2–5 years using
senior debt financing. The company has the opportunity for further growth and
to capitalize on other opportunities, utilizing economies of scale, but has
been turned down by banks because they are already highly leveraged. Private
equity firms have approached the company but want substantial equity, oftentimes
a controlling interest (greater than 50% equity). The owners are faced with the
decision to give up half of their company in order to fund the growth and
profit from expansion. That is, unless they secure a mezzanine deal.
Mezzanine debt takes many forms such as convertible debt
(debt that converts to equity), subordinated debt, or preferred equity
instruments. Typically, it will have a combination of cash interest payments,
payable in kind (PIK) interest (interest that accrues and is added to the
principal balance resulting in compounding interest accruals), and ownership
Continuing the example from the company described above,
assume the company had a present valuation of $2,500,000. The company projects
that its value will increase to $6,500,000 in 3 years if fully capitalized. In seeking $1 million in capital, the company offers the following terms:
Is this an attractive venture for an investor? Let’s run the
numbers and see.
Cash interest payments will result in a total of $150,000.
PIK interest accrues quarterly and is capitalized. For example, after the 1st
quarter, $12,500 (1/4 of 5% of $1M) would be added to the principal balance.
The 2nd quarter would accrue interest on that increased amount and would result
in an interest accrual of $12,656, and so forth. Total PIK interest payments
result in $175,264 at maturity. Assuming projections were met and the company
paid the investor the market value for the stock warrants ($200,000; $325,000
less exercise price of $125,000), the investment yields a total return on
investment (ROI) of 52.5%. Annual ROI would be 15.1%.
With returns like that, it is a win-win for all
involved. So, will you consider using mezzanine financing to grow your
business? Or, possibly, are you toying with the idea of investing in a mezzanine
Rachel Byers is a professor at Kaplan University. The views expressed in this article are solely those of the author and do not represent the view of Kaplan University.
By Cynthia Waddell, PhD, CPA, CFE
By Geoffrey Vanderpal, Full-Time Faculty
By Richard Carter, PhD
By Stanley W. Self, CFE
By Jerry Taylor
By Rachel Byers, Full-Time Faculty, School of Business
Accounting firms are taking advantage of some emerging trends.
Change is the name of the game in wealth management!
Most people do not realize there are a variety of jobs in this field.
According to the BLS, employment of insurance sales agents is projected to grow.
Access definitions and FAQs related to accounting.
Access definitions and FAQs related to investments and wealth management.
Access definitions and FAQs related to real estate.
Access definitions and FAQs related to risk and insurance.
Kaplan Real Estate Education's Toby Schifsky looks at the factors to consider when pursuing a real estate career.
Toby Schifsky talks about the importance of goals and action steps for achieving them.
Access preparation and practice advise from Kaplan Financial Education experts Mary Orn and Julie Ramsey.
Maylee talks about her experiences with Kaplan Financial Education and preparing for her exams.
National Debt Clock
KU Facebook Page
KU Twitter Page
KU YouTube Channel
KU Google+ Page
KU LinkedIn Page
KU Pinterest Page
KU Instagram Page
Registered User Login
Student Consumer Information
LEARNING AT KAPLAN UNIVERSITY