Argosy University Closing Its Doors? 2021 Expert Advice on Loan Forgiveness for Students

Argosy university closing

The news of Argosy University closing hit everyone at the beginning of the year. February 27th was the day when the Educational Department of the United States broke the story. Around 9000 students are still affected by this action, most of them being confused about their academic future. They could either transfer their credits to a different university or apply for the loan forgiveness program. In this article, we are going to explain the Argosy University case and give expert-approved advice to all students seeking help.

About Argosy University

Argosy university closing

The Argosy educational chain consisted of three leading colleges: the American School of Professional Psychology, the Medical Institute of Minnesota and the University of Sarasota. Michael Markovitz founded Argosy in 1976, and it became a unified University in 2001. The chain patronized 18 different colleges in America and an online educational platform as well. Eight years later, the students accused the university of not accrediting courses correctly. Then, the lawsuit carried fraud accusations as well. The case found its solution in 2011, and the educational group paid 3.3$ million dollars in loans back to the students. In the same year, Argosy University scammed other eight people, which filled for a lawsuit. The school agreed to cooperate, and accusers dropped their charges.

The beginning of the end

Argosy University received another legal threat in 2015. Accusers stated that the educational platform scammed multiple persons, allegedly violating consumer protection laws. Later that year, in November, the company agreed on paying 100$ million dollars of student loan debt to settle the claims.

In the same year, news of Argosy University closing in Seattle was real. One year later, the educational chain stopped receiving students.

In March 2017, Education Management Corporation announced that they are selling Argosy to another entity. From then on, Argosy University scam allegations kept of surfacing. Two years later, the problems got bigger with tons of evidence showing throughout the years. The university reportedly took service fees without providing the actual services, draining the money to other places.

The collapse

At the beginning of 2019, prestigious newspapers reported that Argosy failed to pay around 9$ million dollars in student loan aid funds in suspicious circumstances. The U.S Department of Education chose to cut off student loans and federal aids for Argosy University completely. The Argosy University scam involved 13$ million dollars owed to students that were actually used to cover other expenses like payrolls. In March, students found Argosy University closing its doors for good. Following this action, hundreds of lawsuit and fraud allegations emerged. Teachers and professors claiming they never received their final paychecks and students left with no place to go were the most common issues.

Today, the problems are still there. In an official statement, Argosy University announced that they would give out diplomas to students but only for a few former colleges. They also said that even with Argosy University closing, they would help the students find jobs or continue their education. However, the school did not approach the federal student loans issues and payback. In reality, most students never received help or money.

Explaining the Argosy Case

Argosy university closing

As many of you know, American colleges are tax-exempt. No matter if a college is private or public, the money they earn has to go back to the university. Starting from this point, universities are either for-profit, either nonprofit.

Argosy University was a for-profit educational organization. The Argosy University scam seemed even more real in 2017 when the U.S Department of Education denied their request for turning nonprofit.

For-profit universities are usually more flexible and easy going than nonprofit ones. Argosy marketed their services likewise. The school made enrolling easy, their courses very simple and professional, everything fitting a short timetable. No wonder, so many students agreed to join Argosy colleges. However, studies show that for-profit students have lower employing chances. Also, they earn 11% percent less than students graduating from nonprofit universities. For-profits take on more debt than usual educational platforms. The way these organizations promote their enclosures and services, tend to mask other issues. Let’s not forget that Argosy University closing its doors was one out three similar cases. Everything went downhill after the federal government started monitoring the use of student-loan money.

After a college closes

Usually, students receive a diploma and a lovely graduating ceremony when they finish college. With Argosy University closing, students received terrible news and false hopes. Most of them applied for student loan forgiveness and received aid. However, no one can make up for their lost time and money, not to mention students that did not qualify for the forgiving program. The study we mentioned earlier also proves that students at for-profit colleges have the hardest time paying off their student loans. From 2014 to 2017, only 15.6% percent of for-profit students fully paid off their student loans debt.

Also, Argosy University scam happened throughout a more prolonged period because of missing public information. People don’t usually look at accreditations, but it is a crucial aspect. Argosy educational chain never publicly stated that federal governmental organizations monitor them. This aspect was a warning sign very hard to spot, especially by students.

A student’s heads-up

The first advice we can give to students is to do their research. No matter how well a product’s package looks, make sure you read the label as well. The U.S Department of Education provides tools and services to make this job more manageable. For example, the College Scorecard collects essential information about every college in America. Statistics include graduation rates, possible salaries, and average annual costs. Through these useful instruments, you can also check if your desired university is for-profit or nonprofit.

The Argosy University closing took by storm a lot of students. Most graduates found out months later about the events and struggled with their credits. All students affected by the Argosy University scam have nothing left but waiting for help.

Today’s Situation

Argosy university closing

Almost four months have passed since Argosy University closed its doors. Students filled for lawsuit hoping they would get their money back. Besides, they are encouraged to apply for federal student loan forgiveness programs. Nevertheless, they should seek professional help for authorized guidance and advice. The school agreed to cooperate, trying to cover expenses for some of their former campuses and transfer students credits. However, some of them can’t transfer credits because of the classes they took. Most students are waiting for their refunds, finding themselves in a double bind. It’s safe to say that this lawsuit will continue for at least a few months, and students shouldn’t just sit around and wait. The graduates should try other colleges and take some action for their cause. However, seeking expert advice is the first and best move they can do. Following, we will give our best student loan expert choice.

Student Loans Resolved

If you are affected by the Argosy University scam, you’ve found your advice source. Student Loans Resolved successfully helped many students throughout the years, and now it’s your turn as well. The company specializes in student loans solutions and the federal aid program. If you were affected by the Argosy University closing, visit our website for more information. We are up to date with every information because we want our clients debt-free as soon as possible. If you wish to enroll in a student loan forgiveness program, consolidations or discharge, we’ve got everything you need. We understand how this system works, and we want to make it as easy as it can get for you. Besides, we offer free assessments and consultations. Student loans are confusing, but they don’t have to be! Contact us now, and let’s get going.

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