St. Paul, Minn. – Minnesota Governor Tim Walz today signed into law legislation to help former Argosy students recover financially from the college’s abrupt closure in March.
The new law will give the Office of Higher Education (OHE) the authority to release Argosy students from liability for any Minnesota SELF student loans for the spring 2019 semester, and pay them directly for other state financial aid.
“It is rewarding to see this legislation cross the finish line after working with students, staff, colleagues and other post-secondary institutions,” Chair Bernardy remarked. “Argosy students were working hard to earn a degree, and this financial relief will help make them whole again as they continue their career path into the future.”
Current state statute requires the Office of Higher Education to disburse student aid funds directly to the college, which uses the funds to pay tuition and fees before sending the remaining credit balance directly to the student. In the case of Argosy, the entire amount of student aid was kept by the college, leaving students and their families short by thousands of dollars. In the same manner, SELF Loan funding was not disbursed to students, but until this bill was signed into law, students were still required to pay those loans back.