The Company generated net revenue of $1.0 billion in 2020. Approximately 1.2 million of these students attended proprietary institutions. Tuition rates may vary in states with specific regulations governing tuition costs. As of January 1, 2021, undergraduate tuition is $1,480 per course. Faculty are also required to have substantive engagement in each course each week. Of the twelve members, eight are independent. All applications for postgraduate courses are assessed on an individual basis. This activity is aligned with SEI's commitment to advancing diversity in key roles. All of Strayer University's substantive changes require prior Middle States approval. Professional licensure requirements can vary by state and may change over time. The Department has not yet released any subsequent debt-to-earnings measures. The review covered the 2017-2018 and 2018-2019 federal financial aid years. Torrens currently holds self-accrediting status, but Think does not. Registration as a higher education provider is for a fixed period of up to seven years. Torrens is one of 43 universities in Australia. Item 1A. Risk FactorsInvesting in our common stock involves a high degree of risk. Strayer University and Capella University have cooperated with these inquiries. Such penalties could have a material adverse effect on our business. The final rule became effective August 14, 2020. These factors may diminish the Company's appeal as an acquisition target.