Business is no longer booming at the storied University of Phoenix, America’s largest for-profit college. According to an Associated Press article in the Boston Globe:

Apollo Group Inc. [which owns Phoenix], the country’s largest for-profit school company, said Monday that it has laid off 700 full-time employees, mostly in student admissions, as enrollment drops off sharply.

Apollo said it expected new students enrolling at University of Phoenix campuses to drop 40 percent in the quarter ending in November and withdrew its profit outlook for its upcoming fiscal year.

It’s apparently expecting a decline in enrollment due to coming federal regulations about how much government-backed debt for-profit schools can force upon students.

So now 700 people need jobs; let’s just hope they went to more legitimate colleges than the University of Phoenix. Nothing puts a resume in the reject pile like writing that company in the education section. [Image via]

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