The U.S. Department of Education recertified the University of Phoenix, the on-line, for-profit school that is now America’s largest university, and declared that Phoenix can continue to take part in United States federal student financial aid programs.

Some 86 percent of University of Phoenix’s revenue comes from federal financial aid. Phoenix’s certification expired in June 2007 and the school was on a month-to-month eligibility for student aid. The certification is good through the end of 2012.

In response, shares of Apollo Group Inc. , the company that owns the school, rose more than 8 percent.

Daniel Luzer

Daniel Luzer is the news editor at Governing Magazine and former web editor of the Washington Monthly. Find him on Twitter: @Daniel_Luzer