One of America’s largest for-profit colleges, University of Phoenix, is up for sale. Parent company Apollo Education Group announced Monday it is exploring solutions to turn around the struggling school, including possibly selling it altogether. The pentagon has even put the University of Phoenix on probation.
The news comes after the latest earnings report showed Phoenix’s rapid decline is showing no signs of improving. The stock price for Apollo Education Group has declined about 75% in the past year and it’s valuation has dropped from $3.5 billion to just around $750 million in the course of a year.
Like many other for-profit schools, University of Phoenix has been hit hard with declining enrollment, increased scrutiny from federal and state officials, and investigations for predatory practices. Last October, the U.S. military banned the University of Phoenix from receiving military financial aid for students, because the school was engaging in a multitude of deceptive practices such as providing marketing materials with official military seals to portray an official relationship with the military. The college has also been under investigation by the Obama administration recently for it’s deceptive marketing practices.
What You Can Do About It
If you or a loved one who went to the University of Phoenix and is currently experiencing financial hardships because of overwhelming student loan payments you’re not alone. Millions of Americans have fallen victim to unmanageable student loan debts from going to college. According to The Federal Reserve, 37 million Americans currently have student loan debt.
The good news is that the American government has recently passed laws that will give millions of Americans currently struggling with student loan debt much-needed relief.