Argosy University campus in Eagan facing likely closure, affecting hundreds of students

Another Twin Cities for-profit university is on the verge of shutting down.

The president of Argosy University, Twin Cities sent an email to students Wednesday night saying the Eagan campus will close Friday unless a buyer steps forward by then. The school currently has about 1,100 students in Minnesota, according to Argosy's website.

A federal court-appointed receiver holds the assets of the Arizona-based university with 13 campuses nationwide.

Last month, the university was cut off from Title IV federal financial aid, the program that includes Pell Grants and federally-backed loans, among others, after it failed to distribute millions of dollars in aid that was supposed to go to students.

In the email, Twin Cities campus President John Slama said the school is "at risk" of closing Friday. Informational fairs will be held for students Thursday and Friday.

According to documents filed in U.S. Bankruptcy Court, the receiver's plan is that every Argosy campus nationwide close by Friday, unless buyers are found.

Slama said in addition to the buyer possibility, Argosy could find a "transfer partner" to allow students to continue their studies at the current campus.

Argosy has 34 degree programs with specializations in several areas, including psychology, health sciences and business. Enrollment at the Eagan campus fell from around 2,500 in 2010 to 1,400 in 2017.

If the campus closes, Slama wrote that several agencies are working on options — such as helping students transfer to other higher education institutions — and that students who choose not to continue their educational program can apply to have their federal loans discharged.

In recent years, several for-profit higher education institutions have closed in Minnesota. They include McNally Smith College of Music, Globe University and the Minnesota School of Business.