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Peter Cox
St. Paul

Argosy University parent's move for federal receivership concerns Minnesota officials

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The parent company of Argosy University has filed for receivership in federal court, according to the Minnesota Office of Higher Education.

The Eagan campus has around 1,000 students enrolled. Around 120 new students just started classes on Wednesday.

Dennis Olson, the state higher education commissioner, said it's not clear what the filing means for the suburban Twin Cities school.

"At this point, it kind of remains to be seen what's going to happen with the local campus and so we're putting protections in place to make sure that we have the necessary background materials to assist students if they choose other options," he said.

Olson's office is working with the U.S. Department of Education, Argosy University leadership and its accrediting agency to prevent an abrupt closure. The Office of Higher Education may collect documents so students would more easily obtain transcripts or start looking for new schools.

Olson said his office was notified formally on Friday of the company's filing in federal court.

He said students can get updates on the office's website.

Representatives of Dream Center Education Holdings, which owns Argosy, could not be reached for comment.

A Jan. 10 letter from the Washington Student Achievement Council, a state agency, was sent to the director of a school owned by the company in Washington, saying that the company is "at risk of becoming financially insolvent."