Landover-based 2U announced today that it has extended its contract with the University of Southern California School of Social Work by an additional 10 years. This contract for the Master of Social Work now extends to 2030 and also extends the recently announced Master of Science in Nursing program to 2030.
“The USC School of Social Work is a true innovator in social work education and leadership,” said Chip Paucek, 2U CEO and co-founder. “We’re pleased to have secured an extended relationship with this early partner on terms that benefit us both. We look forward to finding additional opportunities in the large and proven social work vertical, and to supporting the field of social work in its mission to produce qualified and much needed practitioners.”
As the largest social work school in the country, USC currently trains roughly 5 percent of the nation’s new professional social workers. The program recently celebrated the fifth anniversary of the [email protected] online program and its impact on the field. Since inception, the [email protected] program has grown to include students from 49 states, the District of Columbia and 14 countries and these [email protected] students have completed more than 3.1 million cumulative fieldwork hours in local communities.
Under the new agreement, 2U will provide USC with fixed and contingent cash payments over a 24- to 48-month period as well as a reduction in 2U’s revenue share percentage to be phased in over time. 2U estimates that in aggregate, this consideration will represent a low single-digit effective reduction to 2U’s current revenue share percentage over the remaining 14 years of the agreement. 2U believes this allows for additional expansion in this vertical while enabling the company to achieve its expected long-term margins for this program, the social work degree vertical and the company.
As previously announced, 2U will be partnering with a new Department of Nursing within the USC School of School of Social Work to offer a Master of Science in Nursing. The reduction in 2U’s revenue share provided to USC for its social work program will also apply to its nursing program beginning upon launch.