university of phoenix online

The University of Phoenix (UOPX) is a private for-profit college, headquartered in Phoenix, Arizona, United States. The university has an open-enrollment admission policy, requiring a high-school diploma, GED, or its equivalent as its criteria for admissions.[4] Founded in 1976, the university confers degrees in over 100 degree programs at the associate, bachelor's, master's, and doctoral degree levels.[5] In 2017, it was acquired by Apollo Global Management, an American private equity firm.The university was founded by John Sperling[7] in 1976, where the first class consisted of eight students.[8] In 1980, the school expanded to San Jose, California, and in 1989, the university launched its online program.[9]

In 1994, University of Phoenix leaders made the decision to take the parent company, Apollo Group, public. Phoenix had more than 100,000 students within the first five years of going public.[10] Growth in the company made John Sperling a billionaire.[11] According to Senator Tom Harkin, who chaired hearings on for-profit colleges, "I think what really turned this company is when they started going to Wall Street."[12]

Between 2010 and 2016, enrollment declined more than 70 percent[13][14][15][16] amid multiple investigations, lawsuits and controversies.[17][18]

In February 2016, the Apollo Group announced it would be sold to a private investment group, made up of Apollo Global Management, the Vistria Group, and the Najafi Companies, for $1 billion. Former U.S. Department of Education Deputy Secretary Anthony W. Miller, partner and chief operating officer of Vistria, would become chairman.[19] The sale will have to be approved by both the U.S. Department of Education and the accreditation group the Higher Learning Commission in order to go forward.[18]

In December 2016, the US Department of Education approved of the sale of Apollo Education Group by Apollo Global. However, the company would be required to provide a letter of credit for up to $385 million.