University of Phoenix is a for-profit online college. Founded in 1976, the school confers certificates and degrees at the certificate, associate, bachelor's, master's, and doctoral degree levels. It is regionally accredited by the Higher Learning Commission and has an open enrollment admission policy, accepting all applicants with a high-school diploma, GED, or its equivalent as sufficient for admission. In 2017, the school's parent company, Apollo Education, was acquired by Apollo Global Management, an American private equity firm. UoPX is the largest recipient of federal GI Bill tuition benefits for military veterans and the largest for-profit recipient by Pell Grant assistance funding. The university has paid hundreds of millions of dollars in fines and settlements concerning its student recruiting practices and education programs, particularly including deceptive advertising to prospective students.