SAN FRANCISCO (MarketWatch) — Shares of Apollo Education Group fell sharply after the market close after the company disclosed the U.S. Education Dept. plans a review of federal financial aid programs at the company’s University of Phoenix.

Shares of Apollo US:APOL fell more than 5% in late trading. Apollo said the review will look at the financial aid for 2012-2014. The review was disclosed in a regulatory filing with the SEC.