Attorneys general from 10 states including Illinois announced an agreement Monday to cancel $2.1 million in student debt following the abrupt closing of Argosy University in 2019.
Argosy University students prepare to leave the campus after they learned the school is closing for good, March 7, 2019.
Attorneys general from 10 states, including Illinois, announced an agreement Monday to cancel $2.1 million in student debt following the abrupt closing of Argosy University in 2019. The private university shut down its campuses in 11 states amid allegations of financial mismanagement, giving studentsto acquire their official transcripts in hopes of transferring elsewhere to finish their degrees and leaving them debt from “predatory private loans,” Illinois Attorney General Kwame Raoul said in a statement Monday.
“Students of Argosy University, through no fault of their own, have been left with debt and even negative credit ratings — but not the degrees they were promised,” Raoul said. “I am pleased with this agreement that provides some relief to those students and holds Argosy accountable to the students abandoned when the school abruptly closed.”
At time it closed in 2019, about 700 students attended Argosy’s Chicago campus, according to the Illinois State Board of Education. The agreement announced Monday includes nearly $90,000 of relief for Illinois students who attended classes online or at Argosy’s Chicago or Schaumburg campuses. The agreement also halts any negative credit reporting that may result from their debt.
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