The Apollo Education Group, which runs the online University of Phoenix, is under federal investigation for possible deceptive or unfair business practices.
The company is the largest recipient of federal student aid for veterans.
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It told shareholders in a filing published Wednesday that it has received a "civil investigative demand" from the Federal Trade Commission. According to the document, investigators have asked for information on a "broad spectrum" of matters, including marketing, recruiting, enrollment, financial aid, tuition, academic programs, billing and debt collection, as well other facets of the business. The filing lists "military recruitment" as one of the areas the FTC is examining.
The filing said Apollo is "evaluating the demand and intends to cooperate fully with the FTC."
Apollo declined to comment further.