EAGAN, Minn. (FOX 9) - A Twin Cities university is at risk of closing, and the students who attend it say they’ve just only learned of their school’s financial woes.
Now, the state of Minnesota is getting involved in the case of Argosy University to make sure the students are taken care of.
According to the students, they are confused and they really aren’t sure what to do at this point.
Argosy University has locations around the country that are impacted, but at this time, they are still operating their Eagan campus. It is not clear, however, if they’ll be forced to shut their doors.
Robert Vang had a solid career plan. He wanted to become an echocardiologist.
“I thought it would be a great way of financial security,” said Vang.
He did his research and discovered a program at Argosy University, a small, private university in Eagan.
He just started the echocardiology program in January. Then he received some bad news.
“My whole life I had drawn for me for the next five years totally changed,” Vang said.
A professor alerted Vang and his classmates that Argosy was in danger of closing.
“One professor actually felt bad enough to say this is going to go on,” Vang said.
The Minnesota Office of Higher Education confirms the parent company of the university, Dream Center Education Holdings, is in financial trouble. It has entered into a federal receivership, which means someone else has taken control of their finances.
“I call it 'bankruptcy light,'” said Betsy Talbot, of the Private Institution Registration and Licensing, Minnesota Office of Higher Education. “It’s basically a court-organized method of dealing with debts and obligations you can’t afford to pay.”
Talbot’s office is helping the students wade through this mess.
“That’s the goal of our agency,” she said. “At this time, it’s to work with the receiver, work with the leader of the school Argosy, to ensure students can complete their programs.”
The state says the school is still operating and actually needs to bring in new students to be attractive to potential buyers.
“There’s absolutely no guarantee they’ll be able to complete their program, but if we want to see that school sold for all students to be able to continue their program and complete their program, they do need to be enrolling new students,” said Talbot.
The state is also exploring options for the students to transfer to different programs at other schools, but Vang isn’t sticking around to see what happens. He decided to withdraw.
“Everyone thinks, in life, you go to school for a better life to get the education, but now it makes you think you go to school and gather debt and you gain nothing,” he said.
Argosy University and their parent company did not return FOX 9’s request for comment.
For Argosy students in Eagan, their best resource is the Minnesota Office of Higher Education.