Keiser University, a Florida-based for-profit institution that has been active in the fight against the Education Department’s proposed “gainful employment” rule, has converted to nonprofit status.

The sale of the university to Everglades College Inc., a nonprofit entity that operates Everglades University, was finalized this week, Keiser’s chancellor, Arthur Keiser, confirmed in an interview today. He would not disclose the sale price.

Mr. Keiser and his wife, Belinda, purchased Everglades University, then known as American Flyers College, in 1998, and created Everglades College Inc. as a nonprofit corporation in 2000.

Read more…