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College Campus of Argosy Announces Closing in Financial Aid Fiasco

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In the building that is home to the Chicago campus of Argosy University, the lobby became incredibly detached Friday, March 8, 2019, however, subtle tension suggested that every student and staff member knew that all was not well. The university was being forced to shut down due to financial misconduct

As students hurried in and out of the Michigan Avenue entrance of Argosy University scrambling to assemble their academic information while they still could, Argosy staff was gathering their personal belongings at their workplaces. Additionally, books that had been faraway removed from the cleaned-out library were being stacked in the alley, free for any individual to hold, in response to college students’ accounts.

State education officials were also seen on site Friday, making an attempt to assist with coordinated efforts with other faculties to enable Argosy college students to proceed with their studies.

The college officially ceased operations Friday afternoon, a spokeswoman for the parent company validated. All this came just two days after Argosy officials announced that the college — along with other campuses throughout the nation — would shut down barring a last-ditch effort to locate a new buyer for the college.

Additionally, the announcement arrived because the U.S. Department of Education stated the private university chain had improperly withheld tens of millions of dollars in financial help from college students and used it to cover other expenses.

“Argosy institution, Chicago has closed,” said Mark Dottore, a courtroom-appointed receiver overseeing the funds for the college.

“We are extremely disappointed with this outcome but continue to provide services to students to help them transition to one of the dozens of higher education institutions offering assistance to them or, where they choose to do so, to apply for student loan discharge.”

Directors of the city Chicago campus revealed on Wednesday that the college was facing an imminent shutdown by the end of the week. A few college students said they were given no warning of the shutdown. One doctoral pupil, who did not wish to provide her identify, stated Friday that she heard the news of the college shutdown on television.

Scholar Tiffany Jones, who got her doctorate in 2017, went to the inner city Friday to get a replica of her official transcript. As a result of the shutdown, she was not sure how much longer she would be able to obtain it directly from the college.

She talked about seeing stories in a Facebook community that Argosy College might be closing, but she tried not to think much of about it on Thursday, however, she did not realize the impact the shutdown would have on Chicago.

“Again my dissertation chair called me and texted me and pointed out, ‘No, you should get your transcript Friday,’ ” said Jones, of Sauk Village. “I feel sorry for the staff and the students because it’s just a horrible situation to be in.”

Last week, the U.S. Department of Education announced it would no longer supply financial help to the private college since it did not properly administrate the funds. The education branch referred to as “a grieving breach” of the university’s responsibility.

The branch stated that the college did not pay federal financial aid credit score balances to students as required by means of legislation and after receiving $13 million in federal support in January, Argosy College used that money to cover payroll charges and other costs.

The federal training department called that “a severe breach of the required fiduciary standard of conduct” that “demonstrates a blatant disregard for the needs of its students.”

Written By Parris Winfrey

Chicago Tribune: As Argosy University shuts down amid student loan scandal, confusion and emotion reign
ABC7: Non-Profit Argosy University Expects to close Friday
Fox News: Argosy University Prepping Students for likely closure Friday

Featured and Top Image Courtesy of Roman Boed’s Flickr Page – Creative Commons License

 

 

 

 

 

College Campus of Argosy Announces Closing in Financial Aid Fiasco added by Parris Winfrey on March 13, 2019
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