LEGEND OF THE PHOENIX: The University of Phoenix is not having good fun, and it's definitely not getting lucky. CNN reports that enrollment at the largest for-profit university in the US has dropped from 416,000 five years ago to 213,000. It's one major reason why the stock of Apollo Education Group, the holding company, dropped 28.4 percent to close at $20.04 on March 25.
It's been a rough time for other for-profit colleges: Corinthian Colleges closed or sold all of its campuses in 2014 after a string of lawsuits and pressure from the US Department of Education. With public sentiment increasingly skeptical of the value of for-profit schools, it may take a rebirth miracle of mythical proportion for the University of Phoenix to rise from the ashes.