University of Phoenix parent says gov't probe will focus on federal financial aid

Apollo Education Group says the U.S. Department of Education will review the administration of federal student financial aid programs by its University of Phoenix subsidiary.

The for-profit education company said Monday that the government review, which is scheduled to start Aug. 4, will initially cover the 2012-13 and 2013-14 years. The review will also cover the University of Phoenix's compliance with laws governing campus security and crime statistics and drug policy.

Enrollments at for-profit education companies have been sliding amid heightened government scrutiny of the industry. Another for-profit education company, Corinthian Colleges Inc., is closing or selling dozens of campuses as it faces state and federal investigations.

Shares of Phoenix-based Apollo Education Group Inc. are down 6.2 percent to $27.73 in aftermarket trading Monday.