Apollo Sale Approved, With Conditions
Inside Higher Ed
The U.S. Department of Education has issued approval for Apollo Education Group, owner of the University of Phoenix, to be sold. However, Apollo must produce a letter of credit comprising 25 percent of its institutions’ federal funding allocation ($386 million) and must not change or add any educational programs or add any new locations until June 30, 2018. While critics of for-profit higher education praise these requirements as necessary regulatory pressure, others believe they constitute undue hardship.