ETS Seeks to Sell GRE, TOEFL

The testing nonprofit ETS is looking to sell or find strategic investors for two of its key exams, the GRE and TOEFL, The Wall Street Journal reported Saturday.

The GRE, once required for admission to most graduate programs, has seen a steep decline in takers, as many institutions have made the test optional—a trend accelerated by the Covid-19 pandemic. In 2020–2021, more than 350,000 people took the GRE; in 2024–25, that number fell to 200,000, according to the Journal.

The TOEFL, which assesses the English-language proficiency of international students, has faced mounting competition from companies including Duolingo, the Journal reported. The Trump administration’s crackdown on visas and efforts to cap international student enrollments in the U.S. have further shrunk the pool of test takers.

Sources told the Journal that ETS is hoping to sell the tests for about $500 million and has fielded interest from the Singapore-based investment firm Hillhouse, private-equity firms Nexus Capital and Veritas Capital, and education entrepeneur Martin Basiri, among others.