Students hope to learn more about the missing funds through the discovery process, although they know they may never see the money.
By Danielle Douglas-Gabriel Danielle Douglas-Gabriel Reporter covering the economics of education Email Bio Follow April 5 Marina Awed, 27, has little hope of ever receiving the $15,000 in financial aid she was due in January. The third-year law student borrowed the money to cover her rent, utilities, food and a prep course for the bar exam.
Argosy’s chain of 22 career schools stretching from Virginia to California was thrown into chaos in February when the Education Department cut off federal student loan and grant funds. The agency accused Argosy’s parent company, Dream Center Education Holdings, of illegally using millions of dollars owed to students for payroll and other expenses.
Eric Rothschild, an attorney at the National Student Legal Defense Network who is representing the students, has asked the court for an expedited discovery process to learn who benefited from the diverted funds, which could determine whether students can recover the money. "Money came from the Department of Education. It had to go to a bank account. There is no wire transfer to a mattress,” Rothschild said. “There should be an electronic record.”
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