Apollo Group (APOL) Subsidiary Recertified for Higher Education Act Financial Aid Programs
Apollo Group, Inc. (NASDAQ: APOL) today announced that it has been informed by the U.S. Department of Education that its University of Phoenix subsidiary has been recertified for continued participation in student financial aid programs under Title IV of the Higher Education Act. The University's new Program Participation Agreement is not provisional and expires December 31, 2012.
"We take our fiduciary duty of handling Title IV funds extremely seriously and apply the highest standards of care and diligence in administering and accounting for these funds," said Apollo Group President and Chief Operating Officer Joseph D'Amico. "We are pleased with University of Phoenix's recertification and look forward to continuing to participate in Title IV programs, which are largely responsible for enabling our students to pursue higher education and advance their careers and their lives."
University of Phoenix's prior certification for participation in Title IV programs expired in June 2007, at which time the University continued to participate in the programs on a month-to-month basis as approved by the Department of Education pending its recertification.
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