Trump administration cuts off Title IV student aid for Argosy University campuses and blocks deal to go nonprofit after chain fails to make payments to thousands of students.
The Education Department said Wednesday it would block plans by Argosy University to go nonprofit. In the same announcement, it said it would also boot the for-profit college from the federal student aid program.
The decision, which was driven in part by recent failures by Argosy to make payments to thousands of students, means the likely closure of its institutions.
In an announcement on the Federal Student Aid website, the Education Department said that the roughly 8,800 students enrolled at Argosy campuses could seek to transfer their credits elsewhere or apply for loan cancellation in the event their campus shuts down.