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University of Phoenix enrollment drops 42%

In October, Apollo warned investors that enrollment could fall more than 40 percent during the first quarter. But Monday was the first time company leaders indicated how long those declines could linger. The falling new student enrollment appears to reflect the company's struggle to financially adjust to new rules that bar for-profit schools from paying admission counselors based on how many students they enroll. The rules take effect this year and University of Phoenix changed its compensation rules in September. During the Monday earnings call, company officials downplayed the role that the compensation policy played on enrollment figures, saying that a mandatory student-orientation program, which started Nov. 1, and the weak economy also hurt enrollment.

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