Argosy University Student Finance: A Complex History

Argosy University, a for-profit institution, closed abruptly in 2019, leaving thousands of students with significant financial burdens and uncertain futures. Understanding the student finance landscape surrounding Argosy is crucial for former students seeking relief and for those considering enrollment in similar institutions.

Prior to its closure, Argosy relied heavily on federal student aid programs, including Pell Grants and federal student loans (Direct Loans, PLUS Loans). Students often accrued substantial debt due to high tuition costs, characteristic of for-profit universities. Many students believed that Argosy’s career-focused programs would lead to higher-paying jobs, justifying the investment. Unfortunately, the reality often fell short, leading to a high default rate among graduates.

Key Issues Regarding Student Finance at Argosy:

• Debt Burden: Argosy students often faced excessive student loan debt relative to their earning potential. This was compounded by the university’s high tuition fees and, in some cases, misleading job placement statistics.
• Borrower Defense to Repayment: Due to Argosy’s alleged misrepresentations about its programs, accreditation, and career prospects, former students may be eligible for Borrower Defense to Repayment. This federal program allows borrowers to have their federal student loans forgiven if their school misled them or engaged in misconduct in violation of certain state laws.
• Closed School Discharge: Students who were enrolled at Argosy when it closed, or who withdrew within 120 days of the closure, may be eligible for a Closed School Discharge. This discharge allows borrowers to have their federal student loans forgiven if they were unable to complete their program due to the school’s closure.
• Federal Oversight and Regulations: Argosy’s financial mismanagement and questionable practices led to increased scrutiny from the U.S. Department of Education. These issues ultimately contributed to the university’s demise and highlighted the need for stricter oversight of for-profit institutions.
• Transcripts and Academic Records: Accessing transcripts and academic records has been a significant challenge for former Argosy students. The receiver appointed after the closure was responsible for managing and distributing these documents, but the process has been slow and frustrating for many.

Advice for Former Argosy Students:

• Explore Discharge Options: Immediately investigate the possibility of applying for Borrower Defense to Repayment or Closed School Discharge. Research the specific requirements and gather any supporting documentation to strengthen your application.
• Contact the Department of Education: Stay informed about any updates or announcements regarding Argosy University from the U.S. Department of Education. Their website provides resources and information for former students.
• Consult with a Student Loan Expert: Consider seeking advice from a qualified student loan advisor or attorney. They can help you navigate the complex loan repayment options and determine the best course of action for your individual circumstances.

The Argosy University story serves as a cautionary tale about the risks associated with for-profit education and the importance of thoroughly researching institutions before enrolling and incurring significant debt. Former students are encouraged to explore all available relief options and advocate for greater transparency and accountability within the for-profit education sector.