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Argosy University Tells Students In Email School May Close By Friday
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Brandon Santiago needs one more class to earn his master’s degree in clinical mental health counseling from Atlanta’s Argosy University, but he learned Wednesday the school may be closed permanently by Friday.
That’s because Argosy lost federal funding on Feb. 27 after a Department of Education investigation revealed $13 million in federal aid that was not dispersed to students.
Argosy University was a system of for-profit colleges owned by Dream Center Education Holdings, LLC and Education Management Corporation. Then, in 2017, the 56-campus system announced a transition to nonprofit status.
Santiago said he’s fortunate enough not to rely on student loan refunds to pay his rent or bills. He said he didn't see any red flags when he didn’t receive a check because his arrangement was for any excess loan money to go back to the lender. He continued interning with a local psychologist and working toward his degree.
Then, he started to hear classmates complain.
“It wasn't until I began to speak to other students, where they actually needed to pay bills such as rent and so forth, that I became aware that nobody else got theirs either,” Santiago said. That was at the beginning of the term, in January.
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Later that month, Argosy University announced it had entered a federal receivership. That’s when Santiago started to worry.
“Receivership means that an individual is placed in charge of our finances by the government,” he said.
Classes have been in session since January, and Santiago isn’t sure whether this term will count for credit.
“I think we'll get a credit for this term, which leaves me with just one class that I have to take — a 3-hour class — to graduate.”
He found out Wednesday that campus may be closed by Friday, and Argosy University Atlanta President Murray Bradfield recommended in an email that students get a copy of their transcripts.
Santiago said the options presented to current students are to either transfer to another school and finish their degrees or not transfer and get a refund of all student loans from the government because the school closed.
Since he’s 99 percent finished, Santiago said he wants to transfer and complete his degree, but the drawback is not knowing whether credits will transfer.
“[Georgia State University is] only willing to take six hours of the 56 hours that I've already accrued here at Argosy,” Santiago said. “Essentially, if I go to Georgia State, I'll have to completely start over. And I would have to be responsible for the loans that I've generated at Argosy plus I'd have to also pay for going to Georgia State.”
Santiago said Argosy will hold a transfer fair where other schools will talk to students about their options for transferring credit from noon to 2 p.m. Thursday.
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