(Reuters) - Apollo Education Group said the U.S. Department of Education will review the University of Phoenix’s administration of federal student financial aid programs.
The review is expected to begin on August 4, Apollo disclosed in a filing on Monday.
Shares in Apollo fell 7 percent to $27.59 in extended trading. They closed at $29.57 on the Nasdaq.
Reporting by Mridhula Raghavan in Bangalore; Editing by Don Sebastian