Apollo’s University of Phoenix gets Recertified Under Title IV of Higher Education Act

The subsidiary of Apollo Group Inc (NASDAQ: APOL), University of Phoenix, has been recertified under the Title IV of the Higher Education Act to participate in federal student financial aid programs for the next three years.

After the University of Phoenix’s certification for the Title IV programs lapsed in June 2007, it had been participating in the programs on a monthly basis. The US Department of Education (DoE) has disclosed that the new participation agreement would expire in December 31, 2012.

Although Apollo’s University of Phoenix had reapplied for recertification in March 2007, the DoE had performed a review of the university’s policies and procedures only in February 2009.

APOL’s shares have risen by 8.08% to $58.21 in the early morning trade.