Chicago campus of Argosy University shuts; students scramble

CHICAGO (AP) - The Chicago campus of Argosy University has shut down, leaving students scrambling to find alternatives to continue their education.

Argosy was forced to close Friday after the U.S. Department of Education recently announced it no longer would provide financial aid to the private university. The Education Department said the private university chain, which operates 16 campuses in 11 states, had improperly withheld millions of dollars in financial aid from students.

Federal officials also notified parent company Dream Center Education Holdings that its request to convert Argosy from a for-profit to a nonprofit university was rejected.

In a statement, a court-appointed receiver overseeing the school's finances said Argosy will help students transition to one of the dozens of higher education institutions offering assistance to them.