Apollo Group Inc.'s University of Phoenix Student Loan Default Rate 4.1 Percent.Business Editors PHOENIX--(BUSINESS WIRE)--Oct. 3, 2000 Apollo Group Inc. (Nasdaq: APOL APOL Asia Pacific Online APOL Alternate Person on Line ) Tuesday announced that the United States Department of Education The United States Department of Education (also referred to as ED, for Education Department) is a Cabinet-level department of the United States government. Created by the Department of Education Organization Act (Public Law 96-88), it began operating in 1980. has issued the 1998 -- the most current data available -- student loan default rate for the University of Phoenix. The 1998 rate was 4.1 percent as compared to 5.6 percent for 1997. The national student loan default rate for 1998 was 6.9 percent. The cohort default rate is calculated based on the percentage of borrowers who enter repayment in a certain year and default before the end of the following year. The U.S. Department of Education uses the rate to identify schools with students who default at high rates. Bob Barker, University of Phoenix executive vice president, commented, "We continue to be pleased with our student loan default rate relative to our previous year's performance and to the national average. We feel that our low default rate reflects our student population of mature, motivated students who desire to improve their place in our knowledge-based economy. "Furthermore, we believe that our below national average cohort default rate illustrates our students' responsible stewardship of federal funds Federal Funds Funds deposited to regional Federal Reserve Banks by commercial banks, including funds in excess of reserve requirements. Notes: These non-interest bearing deposits are lent out at the Fed funds rate to other banks unable to meet overnight reserve ." Apollo Group Inc. has been providing higher education programs to working adults for over 25 years. Apollo Group Inc., operates through its subsidiaries the University of Phoenix Inc., the Institute for Professional Development, the College for Financial Planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against Institutes Corp., Western International University Inc. and Apollo Learning Group Inc. The consolidated enrollment in its educational programs makes it the largest private institution of higher education in the United States Higher education in the United States refers to colleges and universities within the United States. Overview The American university system, like the American educational system in general, is highly decentralized because the U.S. . It offers educational programs and services at 52 campuses and 92 learning centers in 35 states, Puerto Rico and Vancouver, British Columbia. Combined degree enrollment was approximately 94,300 students as of May 31, 2000. For more information about Apollo Group Inc. and its subsidiaries, call 800/990-APOL or visit Apollo on the World Wide Web at http://www.apollogrp.edu. This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. This information may involve risk and uncertainties that could cause actual results to differ materially from the forward-looking statements. |
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