Argosy University, a chain of vocationally focused schools with nearly two dozen campuses nationwide, teetered on the edge of collapse yesterday after the Education Department accused it of improperly taking as much as $16 million in aid money that should have gone to students, the New York Times reported. The department revoked the eligibility of Argosy, which is owned by Dream Center Education Holdings, to receive federal student loan funds, worsening the financial problems of a chain already in dire financial shape. Last month, a federal judge in Ohio placed Argosy and several other Dream Center campuses under federal receivership, appointing an outside official to handle the chain’s finances. Taken together, those campuses enroll about 10,000 students. Soon after the receivership began, the Education Department began hearing complaints that Argosy had failed to make payments owed to students, according to a letter the agency sent yesterday to Dream Center and its receiver.
