March 07, 2019 06:33 PM
Argosy University-Twin Cities is officially closing Friday, according to the Minnesota Office of Higher Education.
In January, the school's parent company, Dream Center Education Holdings, went into receivership - a form of bankruptcy.
In a release issued Thursday, the OHE stated transfer fairs would be held Thursday from 4-7 p.m. and Friday from 10 a.m.-3 p.m. at the university. A third transfer fair is scheduled to be held March 15 from 10 a.m. - 3 p.m. at the OHE office on Energy Park Drive in St. Paul.
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According to the OHE, students who have a year or less to finish of their program can participate in a teach-out plan so they can complete their program. Dates for those plans have not yet been set, although OHE officials said they "anticipate being able to announce teach-out plans soon."
The OHE will also provide free-of-charge transcripts to Argosy students for six months, starting March 8. Additionally, Argosy administrators are working to provide each enrolled student a copy of their transcript to help in transferring credits to new programs.
The Minnesota Office of Higher Education told 5 EYEWITNESS NEWS Thursday that students should not expect to be reimbursed for payments they've made to the university. If students receive a refund, it will likely be paid by the receiver or a future bankruptcy trustee and will be pro-rated based on funds available to pay all un-secured debtors.
Like many for-profit schools, Argosy's enrollment declined in recent years.
Mark Dottore, receiver for Dream Center Education Holdings, released the following statement regarding the closure:
We have been working day and night since the institution entered into receivership to find the best path forward for students at Argosy University-Twin Cities and are doing everything that we can to save the campus.
If the campus is not acquired by another higher education institution, or another institution does not agree to teach out the programs, upon court approval, it will close on Friday, March 8, 2019.
We are working with students, accreditors, state regulators and the U.S. Department of Education to provide as many options as possible for students, to include transfer to another higher education institution or student loan discharge.
Excluding Argosy, six for-profit colleges and universities have closed since 2016 in Minnesota.
Rebecca Omastiak & Alex Jokich
Updated: March 07, 2019 06:33 PM
Created: March 07, 2019 09:36 AM
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