August 6, 1999

Audit of Aid at U. of Phoenix Expected to Result in Smaller Penalty Than Projected

By STEPHEN BURD

University of Phoenix officials are feeling relieved as the U.S. Department of Education is about to close the books on a two-year audit of the management of federal financial-aid funds on the university's campuses.

In April 1998, the Education Department sent a letter to the Apollo Group, the university's parent company, alleging "non-compliance" with regulations governing federal financial-aid programs at

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