February 20, 2019 07:29 PM
Students at Argosy University in Eagan worry the school might not survive long enough for them to finish degrees they've spent tens of thousands of dollars to obtain.
Last month, the school's parent company, Dream Center Education Holdings, went into receivership - a form of bankruptcy. So far, classes continue as usual, but students are concerned.
"It's extremely frustrating," said Maggie Meyers, a student at Argosy's Eagan campus. "I mean we have had no communication from the school about it. We are struggling to figure out what we're going to do."
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Meyers is pursuing a doctorate in marriage and family counseling in hopes of expanding her private mental health therapy practice.
She's been working on the degree since 2017 and has already taken out about $50,000 in loans. Meyers is concerned because thousands of dollars in new federal student loan funds that have been sent to Argosy have not been sent to her.
"Right now, $3,000," she says. "And I mean I have tens of thousands of dollars that I've taken out in financial aid for classes. If they close I don't know what happens to it."
In Minnesota alone, six for-profit colleges and universities have closed since 2016.
The Washington Post reports Argosy University is withholding about $13 million from students across the country. The Department of Education is investigating.
Students like Meyers are concerned the school will close and leave her short of her degree, but still responsible for student loans.
In a statement to 5 EYEWITNESS NEWS, the court-appointed receiver Mark Dottore said, "Argosy University, Twin Cities, remains open and classes continue. There are no plans to close the campus. The university remains committed to providing students with a quality education that makes an impact in their lives and the lives of others."
The Minnesota Higher Education Commissioner said his office is monitoring the situation and helping students get as much information as possible.
"Financially struggling is a good characterization," Commissioner Dennis Olson said. "They are still open. Closing the doors is certainly a concern, and an abrupt closure would be the worst-case scenario for students."
Olson said his office has been contacted by other educational institutions willing to take on students and transfer as many credits as possible.
Meyers wonders about her future if the school doesn't stay open. Her degree path is so unique no other schools in Minnesota offer it.
Updated: February 20, 2019 07:29 PM
Created: February 20, 2019 07:07 PM
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