Foster, a newspaper editor, founded the school to provide coal miners with education needed to advance in their careers and improve worker safety.

[6] Wicks Group, a private equity firm, purchased the school from Thomson Corporation in 2007.

[7] In December 2009, Penn Foster College was purchased by test preparation and educational support company The Princeton Review, and in 2012 the Princeton Review brand name and operations were bought for $33 million by Charlesbank Capital Partners, a private-equity firm.

[9][10] In December 2015, Penn Foster acquired a competency-based learning platform built by UniversityNow.

The college does not participate in any federal or state aid programs, claiming that its education is affordable.