FORM 10-Q


                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


             QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


                For the quarterly period ended September 30, 2001


                         Commission File Number 1-13722

                          WHITMAN EDUCATION GROUP, INC.
             (Exact Name of Registrant as Specified in its Charter)

       Florida                                         22-2246554
------------------------                             ----------------
(State or Other Jurisdiction of                       (I.R.S. Employer
Incorporation or Organization)                         Identification No.)



                  4400 Biscayne Boulevard, Miami, Florida 33137
                 -----------------------------------------------
                    (Address of Principal Executive Offices)

                                (305) 575-6510
             -----------------------------------------------------
              (Registrant's Telephone Number, Including Area Code)


     Indicate  by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days.

                             Yes     X        No ______
                                 ---------

     Indicate the number of shares  outstanding  of each of issuer's  classes of
common stock, as of the latest practicable date.


     As of October  31,  2001,  there  were  13,676,269  shares of common  stock
outstanding.




                                       1
<PAGE>




                          WHITMAN EDUCATION GROUP, INC.
                                    Form 10-Q
                               September 30, 2001


                                TABLE OF CONTENTS

                                                                    Page No.

PART I - Financial Information

Item 1.  Financial Statements..................................        3

Item 2.  Management's Discussion and Analysis of Financial
         Condition and Results of Operations....................       13


PART II - Other Information

Item 4.  Submission of Matters to a Vote of Security Holders....       20

Item 5.  Exhibits and Reports on Form 8-K.......................       20




                                       2
<PAGE>





                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

                 Whitman Education Group, Inc. and Subsidiaries
                      Condensed Consolidated Balance Sheets

                                      September 30,               March 31,
                                          2001                       2001
                                     ---------------           --------------
                                       (Unaudited)
Assets
Current assets:
    Cash and cash equivalents....       $ 3,796,386              $ 5,892,779
    Accounts receivable, net.....        27,744,935               26,134,128
    Inventories..................         1,485,527                1,516,439
    Deferred income taxes........         3,742,038                3,742,038
    Other current assets.........         1,571,318                1,551,714
                                     ---------------           --------------
      Total current assets.......        38,340,204               38,837,098
Property and equipment, net......        10,972,336               11,727,583
Deposits and other assets, net...         2,375,539                2,165,024
Goodwill, net....................         9,306,922                9,306,922
                                     ---------------           --------------
      Total assets...............       $60,995,001              $62,036,627
                                     ===============           ==============
Liabilities and Stockholders'
Equity
Current liabilities:
   Accounts payable..............       $ 1,337,743              $ 2,356,996
   Accrued expenses..............         4,401,294                3,106,146
   Current portion of capitalized
     lease obligations...........         1,847,556                1,859,195
   Current portion of capital
     expenditure note payable....         1,191,667                  541,667
   Deferred tuition revenue......        23,453,988               22,500,137
                                      ---------------           --------------
      Total current liabilities..        32,232,248               30,364,141
Capitalized lease obligations....         2,753,786                3,379,826
Capital expenditure note payable.         5,308,333                5,958,333
Line of credit...................                -                 1,789,897
Commitments and contingencies
Stockholders' equity:
   Common stock, no par value,
   authorized 100,000,000 shares;
   issued and outstanding
   13,676,269 at September 30,
   2001 and 13,642,472 shares at
   March 31, 2001................        22,778,163               22,748,613
   Additional paid-in capital....           674,173                  674,173
   Accumulated deficit...........        (2,751,702)              (2,878,356)
                                      ---------------           --------------
      Total stockholders' equity.        20,700,634               20,544,430
                                      ---------------           --------------
      Total liabilities and
       stockholders' equity......       $60,995,001              $62,036,627
                                      ===============           ==============



                 See accompanying notes to financial statements.



                                       3
<PAGE>




                 Whitman Education Group, Inc. and Subsidiaries
                 Condensed Consolidated Statements of Operations
                                   (Unaudited)



                                             For the Three Months Ended
                                                     September 30,
                                       --------------------------------------
                                           2001                      2000
                                       -------------            -------------

Net revenues.....................       $21,384,299              $18,521,239

Costs and expenses:
  Instructional and educational
    support......................        14,036,833               12,959,896
  Selling and promotional........         3,837,463                3,940,677
  General and administrative.....         3,298,585                2,886,692
                                        ------------            --------------

Total costs and expenses.........        21,172,881               19,787,265
                                        ------------            --------------
Income (loss) from operations....           211,418               (1,266,026)
Other (income) and expenses:
  Interest expense...............           245,273                  306,043
  Interest income................           (83,233)                 (75,089)
                                        ------------            --------------

Income (loss) before income tax
  provision (benefit)............            49,378               (1,496,980)
Income tax provision (benefit)...            19,751                 (596,397)
                                        ------------            --------------
Net income (loss)................       $    29,627              $  (900,583)
                                        ============            ==============
Net income (loss) per share:
  Basic and diluted..............       $       .00              $      (.07)
                                        ============            ==============

Weighted average common shares
  outstanding:
  Basic..........................        13,668,586               13,344,562
                                        ============            ==============
  Diluted........................        14,050,324               13,344,562
                                        ============            ==============




                 See accompanying notes to financial statements.






                                       4
<PAGE>



                 Whitman Education Group, Inc. and Subsidiaries
                 Condensed Consolidated Statements of Operations
                                   (Unaudited)



                                             For the Six Months Ended
                                                    September 30,
                                        ------------------------------------
                                             2001                   2000
                                        ------------            ------------

Net revenues.....................        $41,902,415             $37,400,669

Costs and expenses:
  Instructional and educational
    support......................         27,775,521              25,877,710
  Selling and promotional........          7,200,216               7,307,300
  General and administrative.....          6,394,283               5,845,401
                                        ------------            -------------
Total costs and expenses.........         41,370,020              39,030,411
                                        ------------            -------------

Income (loss) from operations....            532,395              (1,629,742)
Other (income) and expenses:
  Interest expense...............            513,986                 528,500
  Interest income................           (192,681)               (159,657)
                                        ------------            -------------

Income (loss) before income tax
  provision (benefit) and
  cumulative effect of change in
  accounting principle...........            211,090              (1,998,585)
Income tax provision (benefit)...             84,436                (796,236)
                                        ------------            -------------

Income (loss) before cumulative
  effect of change in accounting
  principle......................            126,654              (1,202,349)
Cumulative effect of change in
  accounting principle, net of
  tax............................                -                  (563,971)
                                        ------------            -------------
Net income (loss)................       $    126,654             $(1,766,320)
                                        ============            =============

Basic and diluted net income
 (loss) per share:
  Income (loss) before
    cumulative effect of change
    in accounting principle......       $       .01             $      (.09)
  Cumulative effect of change in
    accounting principle, net
    of tax.......................                -                     (.04)
                                        ------------            -------------
  Net income (loss)..............       $       .01             $      (.13)
                                        ============            =============

Weighted average common shares
  outstanding:
  Basic..........................         13,658,737              13,355,811
                                        ============            =============
  Diluted........................         13,990,198              13,355,811
                                        ============            =============

                 See accompanying notes to financial statements.


                                       5
<PAGE>


                 Whitman Education Group, Inc. and Subsidiaries
                 Condensed Consolidated Statements of Cash Flows
                                   (Unaudited)

                                               For the Six Months Ended
                                                    September 30,
                                        --------------------------------------
                                            2001                      2000
                                        ------------             -------------
Cash flows from operating
   activities:
Net income (loss)................        $  126,654              $(1,766,320)
Adjustments to reconcile net
  income (loss) to net cash
  provided by (used in) operating
  activities:
  Depreciation and amortization..         1,979,719                2,018,706
  Bad debt expense...............         2,329,326                1,894,380
  Deferred tax benefit...........               -                 (1,172,217)
  Changes in operating assets
    and liabilities:
    Accounts receivable..........        (3,940,133)              (3,403,965)
    Inventories..................            30,912                  256,473
    Other current assets.........           (20,263)                     (62)
    Deposits and other assets....          (210,515)                  97,548
    Accounts payable.............        (1,019,253)                  16,135
    Accrued expenses.............         1,295,148               (1,860,246)
    Deferred tuition revenue.....           953,851                1,955,339
                                        ------------            -------------
Net cash provided by (used in)
  operating activities...........         1,525,446               (1,964,229)
                                        ------------            -------------
Cash flows from investing
  activity:
Purchase of property and
  equipment......................          (710,705)              (1,168,181)
                                        ------------            -------------
Net cash used in investing
  activity.......................          (710,705)              (1,168,181)
                                        ------------            -------------

Cash flows from financing
  activities:
Proceeds from line of credit and
  long-term debt.................         8,868,314               11,729,179
Principal payments on line of
  credit, long-term debt and
  capitalized lease obligations         (11,808,998)             (13,582,775)
Repurchase of treasury shares....                -                  (127,936)
Proceeds from exercise of options            29,550                       -
                                        ------------            -------------
Net cash used in financing
  activities.....................        (2,911,134)              (1,981,532)
                                        ------------            -------------
Decrease in cash and cash
  equivalents....................        (2,096,393)              (5,113,942)
Cash and cash equivalents at
  beginning of period............         5,892,779                6,056,738
                                        ------------            -------------
Cash and cash equivalents at
  end of period..................       $ 3,796,386              $   942,796
                                        ============            =============

 Continued on following page.

                 See accompanying notes to financial statements.


                                       6
<PAGE>


                 Whitman Education Group, Inc. and Subsidiaries
          Condensed Consolidated Statements of Cash Flows - (Continued)
                                   (Unaudited)

                                               For the Six Months Ended
                                                   September 30,
                                         -----------------------------------
                                            2001                   2000
                                        --------------       ---------------

Supplemental disclosures of
  noncash financing and investing
  activities:
Equipment acquired under capital
  leases.........................       $   513,108              $ 1,030,426
                                        ============           ==============
Supplemental disclosures of cash
  flow information:
Interest paid....................       $   513,986              $   528,500
                                        ============           ==============
Income taxes paid................       $     5,000              $        -
                                        ============           ==============















                 See accompanying notes to financial statements.


                                       7
<PAGE>



                 Whitman Education Group, Inc. and Subsidiaries
        Notes to Condensed Consolidated Financial Statements (Unaudited)

1    General

     The accompanying unaudited condensed consolidated financial statements have
been  prepared  in  accordance  with the  instructions  to Form 10-Q and, in the
opinion of management,  include all adjustments, which are of a normal recurring
nature,  necessary for a fair presentation of financial  position and results of
operations  and cash flows for the periods  presented.  However,  the  financial
statements  do  not  include  all  information  and  footnotes  required  for  a
presentation in accordance with accounting  principles generally accepted in the
United States of America.  These  condensed  consolidated  financial  statements
should be read in conjunction with the consolidated financial statements and the
notes  thereto  included or  incorporated  by reference in our Form 10-K for the
fiscal year ended March 31,  2001.  The  results of  operations  for the interim
periods  are not  necessarily  indicative  of the  results of  operations  to be
expected for the full year.

     The  accompanying  financial  statements  include  the  accounts of Whitman
Education Group, Inc., and its wholly-owned  subsidiaries,  Ultrasound Technical
Services,  Inc. ("Ultrasound  Diagnostic Schools"),  Sanford Brown College, Inc.
("Sanford-Brown College") and CTU Corporation ("Colorado Technical University").
All  intercompany  accounts and transactions  have been  eliminated.  Hereafter,
reference to "Whitman" shall include  collectively Whitman Education Group, Inc.
and its operating  subsidiaries,  Ultrasound  Diagnostic Schools,  Sanford-Brown
College and Colorado Technical University.

     Whitman experiences seasonality in its quarterly results of operations as a
result  of  changes  in the  level of  student  enrollment.  New  enrollment  in
Whitman's  schools  tends to be lower in the first and  second  fiscal  quarters
covering the summer months which are  traditionally  associated with recess from
school.  Costs are generally not significantly  affected by the seasonal factors
on a quarterly  basis.  Accordingly,  quarterly  variations in net revenues will
result in fluctuations in income (loss) from operations on a quarterly basis.


2    Reclassification

     Certain prior year amounts have been  reclassified to conform to the fiscal
2002 presentation. These changes had no effect on previously reported net income
(loss).






                                       8
<PAGE>



                 Whitman Education Group, Inc. and Subsidiaries
 Notes to Condensed Consolidated Financial Statements (Unaudited) - (Continued)

3.      Earnings Per Share

        The following table sets forth the computation of basic and diluted
earnings per share:

                         Three Months Ended               Six Months Ended
                            September 30,                   September 30,
                        -----------------------       -------------------------
                           2001         2000              2001         2000
                        ----------   ----------       -----------   -----------
Numerator:
Income (loss) before
  cumulative effect of
  change in accounting
  principle...........   $  29,627   $ (900,583)       $ 126,654    $(1,202,349)
Cumulative effect of
  change in accounting
  principle, net of
  tax.................        -            -               -           (563,971)
                         ---------   -----------      -----------   ------------

Net income (loss)...     $  29,627   $ (900,583)      $  126,654    $(1,766,320)
                         =========   ===========      ===========   ============

Denominator:
  Denominator for
  basic earnings per
  share-weighted
  average shares....    13,668,586   13,344,562       13,658,737      13,355,811
Effect of dilutive
 securities:
  Employee stock
  options...........       381,738         -             331,461          -
                        ----------   -----------      -----------    -----------

Dilutive potential
common shares.......       381,738         -             331,461          -
  Denominator for
  diluted earnings
  per share-
  adjusted weighted-
  average shares and
  assumed conversions   14,050,324    13,344,562      13,990,198      13,355,811
                        ==========   ===========     ===========     ===========

Basic and diluted
  income (loss) before
  effect of change in
  accounting
  principle..........   $     .00    $     (.07)     $       .01     $     (.09)
Cumulative effect of
  change in accounting
  principle, net of
  tax................          -             -               -             (.04)
                        ----------    -----------     ------------   -----------
Basic and diluted net
  income (loss) per
  share..............   $     .00    $     (.07)    $        .01     $     (.13)
                        ==========   ============     ============    ==========


4.   New Accounting Pronouncements

     In April 2001, Whitman adopted Statement of Financial  Accounting Standards
No. 133,  "Accounting for Derivative  Instruments and Hedging Activities" ("SFAS
133").  SFAS 133 establishes  accounting and reporting  standards for derivative
instruments,   including  certain  derivative   instruments  embedded  in  other
contracts and for hedging  activities.  It requires that an entity recognize all
derivatives  as either  assets or  liabilities  in the  statement  of  financial
position and measure those  instruments at fair value.  Because Whitman does not
use  derivatives,  the adoption of SFAS 133 did not have any effect on Whitman's
results of operations or financial position.


                                       9
<PAGE>


                 Whitman Education Group, Inc. and Subsidiaries
 Notes to Condensed Consolidated Financial Statements (Unaudited) - (Continued)


New Accounting Pronouncements - (Continued)


     In August 2001, the Financial  Accounting  Standards Board issued Statement
of Financial  Accounting  Standards No. 144,  "Accounting  for the Impairment or
Disposal  of  Long-Lived   Assets,"  ("SFAS  144"),  which  addresses  financial
accounting  and reporting for the  impairment or disposal of long-lived  assets.
SFAS 144 is effective for fiscal years  beginning  after  December 15, 2001, and
interim periods within those fiscal years, with early adoption  encouraged.  The
provisions of SFAS 144 generally are to be applied  prospectively.  Whitman does
not expect the adoption of SFAS 144 to have a material  effect on its results of
operations or financial position.


5.   Goodwill

     In June 2001, the Financial Accounting Standards Board issued Statements of
Financial  Accounting Standards No. 141, "Business  Combinations",  and No. 142,
"Goodwill  and Other  Intangible  Assets"  ("SFAS 141 and 142"),  effective  for
fiscal years  beginning after December 15, 2001.  Under the new rules,  goodwill
(and  intangible  assets  deemed  to have  indefinite  lives)  will no longer be
amortized but will be subject to annual  impairment  tests or more frequently if
impairment  indicators  arise.  Other  intangible  assets  will  continue  to be
amortized over their useful lives.

     Whitman has elected to adopt the  provisions  of SFAS 141 and 142 effective
April 1, 2001. Application of the nonamortization provision of SFAS 142 resulted
in an increase in net income of $43,000 and $86,000, net of taxes, for the three
and six months ended  September 30, 2001,  respectively.  Pro forma net loss and
net loss per basic and diluted share amounts, for the three and six months ended
September 30, 2000, had SFAS 141 and 142 been applied retroactively,  would have
been approximately $858,000 and $0.07 and $1,680,000 and $0.13, respectively.

     During September 2001, the Company  completed its  transitional  impairment
test of goodwill in  accordance  with SFAS 142. As a result of this test, it was
determined that there was no impairment of goodwill.


6.   Income (Loss) Per Share

     Basic  income  (loss)  before  cumulative  effect of  change in  accounting
principle,  cumulative effect of change in accounting principle,  net of tax and
net income (loss) per common share is computed using the weighted average number
of common shares  outstanding  during the period.  Diluted  income (loss) before
cumulative effect of change in accounting principle, cumulative effect of change
in accounting principle,  net of tax and net income (loss) per share is computed
using the  weighted  average  number  of common  and  common  equivalent  shares
outstanding  during the period.


                                       10
<PAGE>


                 Whitman Education Group, Inc. and Subsidiaries
 Notes to Condensed Consolidated Financial Statements (Unaudited) - (Continued)

7.   Comprehensive Income (Loss)

     Whitman  complies with the provisions of Statement of Financial  Accounting
Standards No. 130,  "Reporting  Comprehensive  Income"  ("SFAS  130").  SFAS 130
establishes rules for the reporting and display of comprehensive  income and its
components.   SFAS  130  requires   unrealized  gains  or  losses  on  Whitman's
available-for-sale securities to be included in "other comprehensive income."

     For the three  months  ended  September  30, 2001 and  September  30, 2000,
comprehensive   income  was  $29,627  and   comprehensive   loss  was  $900,583,
respectively.  For the six months ended  September  30, 2001 and  September  30,
2000,  comprehensive  income was $126,654 and comprehensive loss was $1,766,320,
respectively.


8.   Contingencies

     On May 4,  2000,  Whitman,  in  conjunction  with its  insurance  carriers,
reached an agreement in  principle to settle the class action  lawsuit,  Cullen,
et. al. v. Whitman  Education  Group,  Inc.,  et. al. The  settlement  agreement
covers students who attended  Whitman's  Ultrasound  Diagnostic Schools any time
from August 1, 1994 to August 1, 1998 in either the general  ultrasound  program
or the non-invasive  cardiovascular technology program. The settlement agreement
provided for payment of $5,970,000 in cash and approximately  $1,346,000 in loan
forgiveness of delinquent  obligations owed by students to Whitman's  Ultrasound
Diagnostic  Schools.  The actual cash payment of  approximately  $5,970,000  was
funded by Whitman  contributing  $1,170,000  and  Whitman's  insurance  carriers
contributing   $4,800,000.   Whitman  also   contributed   $1,346,000   in  debt
forgiveness,  all of which was fully reserved or previously written-off at March
31, 2000.  Whitman also provided for a reserve for potential claims from members
of the class action lawsuit who elected not to  participate  in the  settlement.
This reserve was estimated based on historical student settlement experience. As
a result of the cash settlement payment and estimated reserves, Whitman recorded
a one-time,  after-tax charge to earnings of approximately $930,000, or $.07 per
share in the fiscal quarter ended March 31, 2000. Although management denied the
allegations  of the  lawsuit,  and believed  the key  allegations  to be without
merit,   Whitman  entered  into  the  settlement  to  resolve  litigation  in  a
satisfactory business manner, to avoid disruption of Whitman's business,  and to
allow  Whitman  to pursue its  mission of  providing  quality  education  to its
students.


9.   Segment and Related Information

     Whitman  complies with the provisions of Statement of Financial  Accounting
Standards No. 131,  "Disclosures  About  Segments of an  Enterprise  and Related
Information"  ("SFAS  131").  SFAS 131  establishes  standards  for the way that
public business  enterprises  report  information  about  operating  segments in
annual financial  statements and requires that those enterprises report selected
information  about  operating  segments in interim  financial  reports.  It also
establishes  standards  for related  disclosures  about  products and  services,
geographic  areas  and  major  customers.


                                       11
<PAGE>


                 Whitman Education Group, Inc. and Subsidiaries
  Notes to Condensed Consolidated Financial Statements (Unaudited) -(Continued)



9.    Segment and Related Information - (Continued)

     Whitman is organized into two reportable  segments,  the University  Degree
Division and the Associate  Degree  Division.  The  University  Degree  Division
primarily  offers  bachelor,  master  and  doctorate  degrees  through  Colorado
Technical University. The Associate Degree Division offers associate degrees and
diplomas or certificates through Sanford-Brown College and Ultrasound Diagnostic
Schools.

     Whitman's  revenues are not  materially  dependent on a single  customer or
small group of customers.


     Summarized financial  information  concerning Whitman's reportable segments
is shown in the following table:

                  For the Three Months Ended           For the Six Months Ended
                         September 30,                        September 30,
                 ----------------------------         --------------------------
                    2001              2000               2001            2000
                 -------------   ------------         ------------   -----------
Net revenues:
  Associate
  Degree
  Division..... $  17,400,635    $ 14,761,363        $ 32,688,843   $28,946,478
  University
  Degree
  Division.....     3,983,664       3,759,876           9,213,572     8,454,191
                --------------   -------------       -------------  ------------
Total.......... $  21,384,299    $ 18,521,239        $ 41,902,415   $37,400,669
                ==============   =============       =============  ============

Income (loss)
  before income
  tax provision
 (benefit) and
  cumulative
  effect of
  change in
  accounting
  principle:
  Associate
  Degree
  Division.....  $  1,458,389    $   (507,241)      $   1,527,244   $(1,105,830)
  University
  Degree
  Division.....      (797,795)       (398,861)            (93,371)      221,190
  Other........      (611,216)       (590,878)         (1,222,783)   (1,113,945)
               ----------------  --------------     --------------  ------------
  Total........  $     49,378    $ (1,496,980)      $     211,090   $(1,998,585)
               ================  ==============     ==============  ============


                September 30,      March 31,
                    2001             2001
                --------------   -------------
Total assets:
  Associate
  Degree
  Division.....  $ 48,107,085    $ 48,327,713
  University
  Degree
  Division.....     7,727,197      11,895,647
  Other........     5,160,719       1,813,267
                --------------   -------------
  Total........  $ 60,995,001    $ 62,036,627
                ==============   =============




                                       12
<PAGE>


Item 2.       Management's Discussion and Analysis
              of Financial Condition and Results of Operations

     The following  discussion and analysis  should be read in conjunction  with
the  consolidated  financial  statements  of Whitman,  the related  notes to the
consolidated  financial  statements and Management's  Discussion and Analysis of
Financial  Condition and Results of Operations  included in Whitman's  Form 10-K
for the year  ended  March 31,  2001 and the  condensed  consolidated  financial
statements  and  the  related  notes  to the  condensed  consolidated  financial
statements  included in Item 1 of this Quarterly Report on Form 10-Q. Except for
the historical  matters  contained  herein,  statements  made in this report are
forward-looking  and are made  pursuant  to the safe  harbor  provisions  of the
Securities  Litigation Reform Act of 1995. Such statements may include,  but are
not limited to,  projections of revenues,  income and cash flows,  and Whitman's
financing needs and plans for future resources,  working capital, operations and
share  repurchases,   if  any.  Investors  are  cautioned  that  forward-looking
statements  involve  risks and  uncertainties,  including,  but not  limited to,
regulatory,  licensing and accreditation risks inherent in operating proprietary
postsecondary  educational  institutions,   (including  risks  relating  to  the
continued  eligibility of our schools to receive funds under Title IV Programs),
risks relating to  unanticipated  attrition or reductions in student  enrollment
and risks relating to the  availability  of financing which may cause our actual
results,  performance  or  achievements  to differ  materially  from the results
expressed in the forward-looking  statements made in this report.  Other factors
that may  affect our  future  results  include  certain  economic,  competitive,
governmental and other factors  discussed in our filings with the Securities and
Exchange  Commission.  We assume  no  responsibility  to update  forward-looking
statements made herein or otherwise.




                                       13
<PAGE>


Results of Operations

     The  following  table sets  forth the  percentage  relationship  of certain
statement of operations data to net revenues for the periods indicated:

                                  Three Months Ended           Six Months Ended
                                     September 30,               September 30,
                                  ---------------------     --------------------
                                    2001        2000          2001       2000
                                  ---------- ----------     ---------  ---------
Net revenues................        100.0%      100.0%        100.0%    100.0%
                                  ---------- ----------     ---------  ---------
Costs and expenses:
  Instructional and
    educational support.....         65.7        70.0          66.3      69.2
  Selling and promotional...         17.9        21.2          17.2      19.5
  General and administrative         15.4        15.6          15.2      15.6
                                  ---------- ----------     ---------  ---------
Total costs and expenses....         99.0       106.8          98.7     104.3
                                  ---------- ----------     ---------  ---------
Income (loss) from
  operations................          1.0        (6.8)          1.3      (4.3)
Other (income) and expenses:
  Interest expense..........          1.1         1.7           1.2       1.4
  Interest income...........         (0.3)       (0.4)         (0.4)     (0.4)
                                  ---------- ----------     ---------  ---------
Income (loss) before income
  tax provision (benefit)
  and cumulative effect of
  change in accounting
  principle.................          0.2        (8.1)          0.5      (5.3)
Income tax provision
  (benefit).................          0.1        (3.2)          0.2      (2.1)
                                  ---------- ----------     ---------  ---------
Income (loss) before
  cumulative effect of change
  in accounting principle...          0.1        (4.9)          0.3      (3.2)
Cumulative effect of change
  in accounting principle,
  net of tax................           -           -             -       (1.5)
                                  ---------- ----------     ---------  ---------
Net income (loss)...........          0.1%       (4.9)%         0.3%     (4.7)%
                                  ========== ==========     =========  =========


Three months ended  September  30, 2001  compared to the three months ended
September 30, 2000

     Net revenues increased by $2.9 million,  or 15.5%, to $21.4 million for the
three months ended  September  30, 2001 from $18.5  million for the three months
ended  September 30, 2000. This increase was primarily due to a 4.1% increase in
average student enrollment and an increase in tuition rates.

     The  Associate  Degree  Division  experienced  a 5.6%  increase  in average
student  enrollment  and  the  University  Degree  Division  experienced  a 0.4%
increase in average student  enrollment.  The increase in student  enrollment in
the Associate  Degree Division was primarily due to increased  enrollment in the
medical  assisting and health  information  specialist  programs  offered by the
Ultrasound Diagnostic Schools and the information technology programs offered at
Sanford-Brown  College.  The  increase  in  student  enrollment  was  due to our
improved  marketing and  admissions  efforts which  permitted us to increase the
rate at which we converted leads to new student starts.



                                       14
<PAGE>



Results of Operations - (Continued)

     Instructional and educational  support expenses  increased by approximately
$1.0 million,  or 8.3% to approximately $14.0 million for the three months ended
September 30, 2001 from  approximately  $13.0 million for the three months ended
September  30,  2000.  As  a  percentage  of  net  revenues,  instructional  and
educational  support  expenses  decreased  to 65.7% for the three  months  ended
September 30, 2001 as compared to 70.0% for the three months ended September 30,
2000.  The  increase in  instructional  and  educational  support  expenses  was
primarily  due to an  increase  in payroll and  related  benefits  for  faculty,
academic administrators and student support personnel to support the increase in
enrollment.  The decrease in instructional and educational support expenses as a
percentage  of net  revenues  was due to our  ability  to  better  leverage  our
instructional  and education  support  expenses to support an increased  revenue
base.

     Selling and  promotional  expenses  decreased by $0.1 million,  or 2.6%, to
$3.8 million for the three months ended September 30, 2001 from $3.9 million for
the three months ended  September  30, 2000.  As a percentage  of net  revenues,
selling and promotional  expenses  decreased to 17.9% for the three months ended
September 30, 2001 as compared to 21.2% for the three months ended September 30,
2000.  The decrease in selling and  promotional  expenses as a percentage of net
revenues was due to our improved  marketing and admissions  efforts that allowed
us to maintain such expenses  relatively  unchanged while supporting a growth in
revenues.

     General and administrative expenses increased by $0.4 million, or 14.3%, to
$3.3 million for the three months ended September 30, 2001 from $2.9 million for
the three months ended  September  30, 2000.  As a percentage  of net  revenues,
general and  administrative  expenses  decreased  to 15.4% for the three  months
ended  September  30,  2001 as  compared  to 15.6%  for the three  months  ended
September  30,  2000.  The increase in general and  administrative  expenses was
primarily due to an increase in  administrative  payroll expenses to support the
growth  in  student  population  and an  increase  in bad  debt  expense  in the
Associate  Degree  Division.  For the three months ended September 30, 2001, bad
debt  expenses as a percentage  of net revenues  increased to 5.6% from 5.5% for
the three months ended  September 30, 2000. The increase in bad debt expense was
primarily due to the increase in net revenues for the three months September 30,
2001 and to the  negative  impact of the October 2000  required  adoption of the
Department  of  Education's  new  methodology  for  calculating  the  amount  of
previously  disbursed  federal student  financial aid that we must return to the
federal  government  with respect to students who have since  withdrawn from our
schools.  This new regulation  increases the student's  obligation to the school
from which  they have  withdrawn  and  decreases  the amount of student  federal
financial aid received by the school on behalf of the students who withdrew.

     We reported  income from  operations  of $0.2  million for the three months
ended  September 30, 2001 as compared to a loss from  operations of $1.3 million
for the three months ended  September 30, 2000.  This increase in  profitability
was  primarily  due to an increase in income from  operations of $2.0 million in
the Associate Degree Division.

     We reported net income of $29,627 for the three months ended  September 30,
2001 and a net loss of $0.9  million for the three months  ended  September  30,
2000.  The  increase  in  net  income  was  primarily  due  to  an  increase  in
profitability in the Associate Degree Division.




                                       15
<PAGE>

Resutls of Operations - (Continued)


Six months ended September 30, 2001 compared to the six months ended
September 30, 2000

     Net revenues increased by $4.5 million,  or 12.0%, to $41.9 million for the
six months ended  September 30, 2001 from $37.4 million for the six months ended
September  30, 2000.  This  increase  was  primarily  due to a 4.2%  increase in
average student enrollment and an increase in tuition rates.


     The  University  Degree  Division  experienced  a 5.5%  increase in average
student enrollment and the Associate Degree Division experienced a 3.6% increase
in  average  student  enrollment.  The  increase  in student  enrollment  in the
University Degree Division was primarily due to increased enrollment at Colorado
Technical   University's  Colorado  Springs  campus.  The  increase  in  student
enrollment  in the  Associate  Degree  Division was  primarily  due to increased
enrollment  in  the  medical  assisting  program  and  the  health   information
specialist  program  offered  by  the  Ultrasound  Diagnostic  Schools  and  the
information  technology programs offered at Sanford-Brown  College. The increase
in student  enrollment was due to our improved  marketing and admissions efforts
which  permitted  us to  increase  the rate at which we  converted  leads to new
student starts.


     Instructional and educational  support expenses  increased by $1.9 million,
or 7.3%, to $27.8 million for the six months ended September 30, 2001 from $25.9
million for the six months  ended  September  30, 2000.  As a percentage  of net
revenues,  instructional and educational support expenses decreased to 66.3% for
the six months ended  September 30, 2001 as compared to 69.2% for the six months
ended September 30, 2000. The increase in instructional and educational  support
expenses was  primarily  due to an increase in payroll and related  benefits for
faculty,  academic  administrators  and student support personnel to support the
increase in enrollment.  The decrease in instructional  and educational  support
expenses  as a  percentage  of net  revenues  was due to our  ability  to better
leverage  our  instructional  and  educational  support  expenses  to support an
increased revenue base.


     Selling and  promotional  expenses  decreased by $0.1 million,  or 1.5%, to
$7.2 million for the six months ended  September  30, 2001 from $7.3 million for
the six months ended  September  30,  2000.  As a  percentage  of net  revenues,
selling and  promotional  expenses  decreased  to 17.2% for the six months ended
September  30, 2001 as compared to 19.5% for the six months ended  September 30,
2000.  The decrease in selling and  promotional  expenses as a percentage of net
revenues was due to our ability to maintain such expenses  relatively  unchanged
while supporting a growth in revenues.


     General and administrative  expenses increased by $0.6 million, or 9.4%, to
$6.4 million for the six months ended  September  30, 2001 from $5.8 million for
the six months ended  September  30,  2000.  As a  percentage  of net  revenues,
general and administrative  expenses decreased to 15.2% for the six months ended
September  30, 2001 as compared to 15.6% for the six months ended  September 30,
2000. The increase in general and  administrative  expenses was primarily due to
an  increase  in  administrative  payroll  expenses to support the growth of the
student  population and an increase in bad debt expense in the Associate  Degree
Division.  For the six months ended  September  30, 2001,  bad debt expense as a
percentage of net revenues  increased to 5.6% from 5.1% for the six months ended
September  30, 2000.  The increase in bad debt expense was  primarily due to the
negative  impact of the October  2000  required  adoption of the  Department  of
Education's new  methodology for calculating the amount of previously  disbursed
federal student financial aid that we must return to the federal government with
respect  to  students  who  have  since  withdrawn  from our  schools.  This new
regulation increases the student's obligation to the school from which they have
withdrawn and decreases the amount of student federal  financial aid received by
the school on behalf of the students who withdrew.




                                       16
<PAGE>




Results of Operations - (Continued)


     We reported income from operations of $0.5 million for the six months ended
September 30, 2001 as compared to a loss from operations of $1.6 million for the
six months  ended  September  30,  2000.  This  increase  in  profitability  was
primarily  due to an increase in income from  operations  of $2.6 million in the
Associate Degree Division.


     We reported  net income of $0.1  million and a net loss of $1.8 million for
the six months ended September 30, 2001 and 2000, respectively.  The increase in
net income was  primarily due to an increase in  profitability  in the Associate
Degree Division and the implementation of SEC Staff Accounting  Bulletin No. 101
effective April 1, 2000, which resulted in a one-time charge after taxes of $0.6
million for the six months ended September 30, 2000.


Seasonality

     We  experience  seasonality  in our  quarterly  results of  operations as a
result of changes  in the level of student  enrollment.  New  enrollment  in our
schools tends to be lower in the first and second fiscal  quarters  covering the
summer months, which are traditionally associated with recess from school. Costs
are generally not significantly  affected by the seasonal factors on a quarterly
basis.  Accordingly,  quarterly  variations  in  net  revenues  will  result  in
fluctuations in income from operations on a quarterly basis.


Liquidity and Capital Resources

     Cash and cash  equivalents  at  September  30, 2001 and March 31, 2001 were
$3.8 million and $5.9 million,  respectively.  Our working  capital totaled $6.1
million at September  30, 2001 and $8.5 million at March 31, 2001.  The decrease
in cash and cash  equivalents  was  primarily  due to net repayment of long-term
borrowings of $2.9 million.

     Net cash of $1.5 million was provided by operating  activities  for the six
months  ended  September  30, 2001  compared to net cash of $2.0 million used in
operating  activities for the six months ended  September 30, 2000. The increase
in cash provided by operating activities of $3.5 million was primarily due to an
increase in net profits and an increase in accrued expenses.



                                       17
<PAGE>


Liquidity and Capital Resources - (Continued)


     Net  cash  of $0.7  million  and  $1.2  million  were  used  for  investing
activities for the six months ended  September 30, 2001 and 2000,  respectively.
The  decrease in cash used of $0.5  million was  primarily  due to a decrease in
cash used for capital expenditures.


     Net cash of $2.9 million and $2.0 million were used in financing activities
for the six months ended September 30, 2001 and 2000 respectively.  The increase
in cash used was due to an increase of $1.1 million in net payments on long-term
debt and capital lease obligations.


     We have a $2.0 million line of credit  which  expires on June 30, 2002.  At
September  30,  2001,  we had no  outstanding  balance  under this  facility and
letters of credit outstanding of $0.2 million which reduced the amount available
for borrowing. The amounts borrowed under this facility for the six months ended
September 30, 2001 were  primarily  used for  operations,  repayment of debt and
capital expenditures.


     On November 5, 1999, our Board of Directors authorized the repurchase of up
to $1.0 million of our common stock.  Any  repurchases  may be made from time to
time in the open market or through privately negotiated transactions. During the
six months ended  September  30, 2001, we did not  repurchase  any shares of our
common stock. Since the inception of the repurchase program, we have repurchased
285,100  shares of our common stock for  approximately  $498,000.  We anticipate
that any  further  repurchases  of  shares  will be  funded  through  cash  from
operations.


     Our  primary  source  of  operating  liquidity  is the cash  received  from
payments of tuition and fees.  Most students  attending our schools receive some
form of financial aid under Title IV Programs.  We receive  approximately 71% of
our funding  from the Title IV  Programs.  Disbursements  under each program are
subject to disallowance and repayment by the schools.


     We believe that with our working  capital,  our cash flow from  operations,
our line of credit and our expected  increased  financings  under  capital lease
obligations  to fund capital  expenditures,  we will have adequate  resources to
meet our anticipated operating requirements for the foreseeable future.




                                       18
<PAGE>








New Accounting Pronouncements

     In June 2001, the Financial Accounting Standards Board issued Statements of
Financial  Accounting  Standards No. 141, "Business  Combinations," and No. 142,
"Goodwill  and Other  Intangible  Assets"  ("SFAS 141 and 142"),  effective  for
fiscal years  beginning after December 15, 2001.  Under the new rules,  goodwill
(and  intangible  assets  deemed  to have  indefinite  lives)  will no longer be
amortized but will be subject to annual  impairment  tests or more frequently if
impairment  indicators  arise.  Other  intangible  assets  will  continue  to be
amortized over their useful lives.

     Whitman has elected to adopt the  provisions  of SFAS 141 and 142 effective
April 1, 2001. Application of the nonamortization provision of SFAS 142 resulted
in an increase in net income of $43,000 and $86,000, net of taxes, for the three
and six months ended  September 30, 2001,  respectively.  Pro forma net loss and
net loss per basic and diluted share amounts, for the three and six months ended
September 30, 2000, had SFAS 141 and 142 been applied retroactively,  would have
been approximately $858,000 and $0.07 and $1,680,000 and $0.13, respectively.

     During September 2001, the Company  completed its  transitional  impairment
test of goodwill in  accordance  with SFAS 142. As a result of this test, it was
determined that there was no impairment of goodwill.






                                       19
<PAGE>







                           PART II - OTHER INFORMATION

Item 4.   Submission of Matters to a Vote of Security Holders

Annual Shareholders' Meeting

     On August 9, 2001, Whitman held its annual meeting of shareholders.  At the
meeting,  all of the nominees  for  director  were elected by the vote set forth
opposite their names in the table below:

        Election of Directors                      For            Withheld

        Phillip Frost, M.D.                     13,171,581        486,665
        Richard C. Pfenniger, Jr.               13,170,681        487,565
        Jack R. Borsting, Ph.D                  13,171,581        486,665
        Peter S. Knight                         13,170,581        487,665
        Lois F. Lipsett, Ph.D.                  13,171,581        486,665
        Richard M. Krasno, Ph.D.                13,170,481        487,765
        Percy A. Pierre, Ph.D.                  13,171,581        486,665
        Neil Flanzraich                         13,174,681        483,565
        A. Marvin Strait, C.P.A.                13,171,581        486,665

     In addition, the shareholders of Whitman approved an increase in the number
of shares of our common  stock  reserved  for  issuance  under the 1996  Whitman
Education  Group,  Inc.  Stock  Option Plan from  2,500,000  shares to 3,250,000
shares. A total of 7,159,511 shares were voted in favor of the increase, 849,236
shares were voted against the increase,  11,629 shares  abstained  from the vote
and 5,637,870 shares were not voted.


Item 5.  Exhibits and Reports on Form 8-K

        (a)    Reports on Form 8-K

     No  reports on Form 8-K were filed by  Whitman  during  the  quarter  ended
September 30, 2001.









                                       20
<PAGE>






                                   SIGNATURES


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


                     WHITMAN EDUCATION GROUP, INC.
                    (Registrant)



                     By:    /s/ FERNANDO L. FERNANDEZ
                     ----------------------------------------------
                          Fernando L. Fernandez
                          Vice President - Finance, Chief Financial
                          Officer, Treasurer and Secretary




Date:   November 7, 2001
        -----------------


                                       21
<PAGE>