Defunct for-profit university system that operated nationwide before closing in 2019.
Argosy University was formed in September 2001 when Education Management Corporation consolidated three institutions: the American School of Professional Psychology (founded late 1970s), the Medical Institute of Minnesota (established 1961), and the University of Sarasota (founded 1969). In March 2017, EDMC announced plans to sell Argosy to Dream Center Education Holdings, a Los Angeles-based Pentecostal organization, with the transaction closing in November 2017. The university operated under DCEH until federal funding was cut off in February 2019.
Argosy faced significant regulatory scrutiny throughout its operation. In 2010, the GAO named it among 15 schools with deceptive recruiting practices. Multiple state attorneys general investigations resulted in settlements: $3.3 million from Colorado (2013) and $3.3 million from Texas (2013) for deceptive marketing. In November 2015, EDMC agreed to forgive over $100 million in student loan debt. By 2019, the university failed to distribute $9 million in financial aid and misused $13 million in student funds for payroll. On February 27, 2019, the U.S. Department of Education cut off federal funding, and all campuses officially closed on March 8, 2019.
Argosy offered programs across multiple disciplines including psychology, business, education, and law. The university included Western State College of Law at Argosy University (Irvine, CA), originally founded in 1966. Programs ranged from undergraduate to doctoral degrees, with particular emphasis on professional psychology and clinical training. However, accreditation issues plagued several programs, particularly in clinical psychology where the school faced lawsuits over unmet APA accreditation promises.
Argosy was first accredited by the Higher Learning Commission in 1981 and later by WASC Senior College and University Commission in 2011. By 2018, the school was placed on 'show cause' status. According to the College Scorecard, Argosy Online's graduation rate was 6% in 2018. In 2022, Argosy was included in student loan cancellation for 200,000+ borrowers due to alleged fraud, with a settlement approved in August 2022.