Not surprisingly, the completion rates section of the document is especially bullshit-rich.
The report begins by citing U of P's homegrown completion measure, which they define as follows:
The University completion rate is defined as the percentage of students who completed at least three credits and went on to be degree-complete within 150 percent of normal degree completion time.This means, assuming that U of P counts a course as three credits, that a student that transfers in a large number of credits and then completes their degree will count towards this completion rate. Even given this, the "University completion rate" is not particularly high, as the following chart shows:
Ouch! Granted, the NCES statistics apply only to first-time students, and many of the U of P's students may have existing college credit. Still, even taking this fact into consideration, these stats are really awful.
Bottom line: the University of Phoenix is where one billion of your tax dollars go down the drain every year.