As Art Institutes and Argosy University enter receivership, what’s next? – The Orange County Register
The move led an accreditation agency to put the college system on notice earlier this month, as students wonder whether they will need to find new campuses to transfer to.
Dream Center Education Holdings said in court documents it owed $41 million as of late December, due to a substantial deficit from a decline in enrollment and higher-than-expected expenses. Dream Center said in its court filing it wasn’t aware of the deficit until weeks after it bought the schools from Education Management Corporation in 2017.
The Western Association of Schools and Colleges Senior College and University Commission informed Argosy University on Jan. 19 – the day after the Dream Center organization was place in receivership – that the institution may lose its accreditation unless it shows within a year that it has the money to operate.