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Department of Education to Review Federal Aid Programs at University of Phoenix


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Department of Education to Review Federal Aid Programs at University of Phoenix


Apollo Education Group, Inc owns several for-profit schools around the world. Their largest is the University of Phoenix, a school known for an open enrollment admission policy only requiring a high-school diploma, GED, or an equivalent qualification. Yesterday, the Apollo Group disclosed the Department of Education will review programs.

Apollo Education Group, Inc. announced today that it has been informed by the U.S. Department of Education that the Department intends to conduct an ordinary course program review of University of Phoenix’s administration of federal student financial aid (Title IV) programs in which the University participates. The review, which is scheduled to commence August 4, 2014, initially will cover federal financial aid years 2012-2013 and 2013-2014, as well as compliance with the Jeanne Clery Disclosure of Campus Security Policy and Campus Crime Statistics Act, the Drug-Free Schools and Communities Act and related regulations.​

Yesterday investors became worried and shares dropped 7 percent. Earlier in the month, the Education Department cut off student aid at Santa Ana, California-based Corinthian Colleges Inc. (COCO).

Shares of Apollo have dropped 0.9% to $29.32 at 9:50 a.m. today, while Corinthian Colleges has fallen 4.9% to 21 cents.
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