EXHIBIT 10.29

                           INDEMNIFICATION AGREEMENT
                           -------------------------

          This Agreement, dated as of February 10, 1999, is between Michael
Markovitz ("the Indemnifying Party") and Argosy Education Group, Inc.
("Argosy").

          The parties hereto agree as follows:

     1.   Indemnification. The Indemnifying Party hereby agrees to indemnify and
hold harmless against Argosy and its directors and officer from and against any
and all losses, claims, damages, liabilities and judgments, whether for direct,
special, indirect, incidental, exemplary, punitive or consequential damages and
including, without limitation, any legal or other expenses incurred in
connection with investigating or defending any matter, including any action,
that could give rise to any such losses, claims, damages, liabilities or
judgments arising out of or relating to the facts and circumstances surrounding
the lawsuit captioned Charlena Griffith v. University Hospital, L.L.C.

     2.   Indemnification Procedures. The Indemnifying Party shall continue to
have sole control over the defense of the University Hospital case. In case any
other action shall be commenced involving any person in respect of which
indemnity may be sought pursuant to Section 1 hereof (the "Indemnified Party"),
the Indemnified Party shall promptly notify the Indemnifying Party in writing
and the Indemnifying Party shall assume the defense of such action, including
the employment of counsel reasonably satisfactory to the Indemnified Party and
the payment of all fees and expenses of such counsel, as incurred.

     3.   Termination. This Agreement shall terminate and no longer be of any
force or effect upon the agreement of the parties or if the Company shall not
have consummated an initial public offering by April 1, 1999, unless extended.

     4.   THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF ILLINOIS.


          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed, as of the date first above written.


                              MICHAEL MARKOVITZ

                              /s/ Michael Markovitz
                              ---------------------------------------- 


                              ARGOSY EDUCATION GROUP, INC.

                              By: /s/ Harold O'Donnell
                                  ------------------------------------
                              Title: President