For-profits like Argosy University are supposed to make money. Argosy tried to convert to a nonprofit college in , but the U. Department of Education rejected that change before the college closed. What's happening: Trouble at for-profit colleges in 5 graphs.
Those universities often appeal to students for their ease of access and flexible hours: They often offer classes close to where students live and at night, to accommodate work schedules. They make enrolling easy and market to students a clear career path and a better life in an attainable time frame. In the fall semester, U. In , the Education Corp. In , it was the for-profit Corinthian College that fell. The list goes on: More than , students have been displaced by closings of colleges chains since , according to The Chronicle of Higher Education.
Often, the closures came after the federal government had started monitoring the colleges' use of student-loan money. But why? The reason dozens of for-profit colleges closed in December. When colleges close, students must pick up the pieces. And while they can in many cases get their federal student loan forgiven, there is no making up for lost time or the income they gave up while they were in class.
It's also unclear if other institutions will take the credits they earned. Those who attend a for-profit certificate program are 1. The for-profit students, if they find employment, also earn 11 percent less than their counterparts, according to a study co-authored by Stephanie R. Argosy University in Chicago, accused of misusing financial aid, faces 'devastating' shutdown Friday, leaving students scrambling. In the same Feb. He urged students to come to campus Thursday and Friday to get their transcripts and to participate in information sessions about transferring to another institution.
Earlier this week, the court-appointed receiver sought an emergency closure of 22 Argosy campuses throughout the country, according to Ohio federal court documents and the DOE. The receiver, Dottore, identified potential buyers for a few locations, according to court documents filed Thursday.
But there was no indication Friday that anyone had offered to purchase Argosy in Chicago. Even as federal authorities were taking action against Dream Center, the Illinois Board of Higher Education had been conducting its own investigation into the schools since January. In multiple campus visits, state higher education representatives also fielded concerns about students not receiving owed federal financial aid.
Officials also determined that several admissions personnel had been laid off. ET, Monday through Friday, except federal holidays. The response center can assist with the facilitation of transfer to SEVP-certified schools where the students have accepted admission. F-1 nonimmigrant students must enroll in a full course of study at an SEVP-certified school in order to maintain their nonimmigrant status.
Dream Center Education Holdings, the owner of Argosy University Dallas, has established the following contacts for assistance:. Please note that email is the fastest way to receive assistance. For transcripts only: For other non-financial aid questions, including information on comparable programs: Cathie Maeyaert Source: External Relations. In , the Argosy Education Group began acquiring separate educational institutions, beginning in with the University of Sarasota, Florida, then the Medical Institute of Minnesota in These three institutions were established as Argosy University.
Today, Argosy University has 28 campuses in 13 different states, many of which are specialist art institutes. It offers tailored programs in various psychological, health and therapeutic professions, including clinical psychology, industrial organised psychology and marriage and family therapy.
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