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For-profit university near Twin Cities announces closure, owes students $1.38M

EAGAN, Minn. — The for-profit Argosy University in Eagan is closing at the end of the week, the Minnesota Office of Higher Education said Thursday, March 7.

Argosy had been the state’s largest private career school, with 1,371 students last school year. That number fell to around 1,000 as the school’s financial troubles became public.

The national chain with online classes and physical locations in 11 states closed some campuses last year. In January, after a vendor sued, Argosy’s finances were placed under the control of a court-appointed receiver.

A letter from the court-appointed receiver last month said Argosy had around $3.8 million on hand but owed $13 million to students at various campuses.

Minnesota higher education officials say students at the Eagan campus are owed $1.38 million in state and federal aid.

The federal government is discharging loans for students enrolled for the spring semester and resetting students’ Pell Grant eligibility, allowing them to secure financial aid for other schools.

Students may be eligible for student loan forgiveness if they still are enrolled or quit within the past four months. Those who are able to transfer credits to a comparable program at another school will not be eligible.