Feds To Review Apollo Education's Administration Of Title IV Funds
Apollo Education Group (NASDAQ: APOL) shares fell as much as six percent after-hours Monday after it revealed the federal government will review its student financial aid programs.
The Apollo filing said the U.S. Department of Education will begin its review August 4 and will initially cover the years 2012-2013 and 2013-2014.
The "ordinary course" review will cover Apollo's University of Phoenix and its administration of federal student financial aid also called Title IV programs.
Title IV funding was in the news recently when the Department of Education put Corinthian Colleges (NASDAQ: COCO) on a program called Heightened Cash Monitoring, imposing a three-week delay on Title IV disbursement.
The move put Corinthian into a cash crunch, which led to its plan to wind down all operations.
Apollo traded recently at $29.57, down 4.63 percent.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.