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(iStock) (LPETTET/iStock). Weeks into the spring semester, students at Argosy University, a chain of career schools stretching from Virginia to California, are still waiting for $13 million in federal financial aid, according to court documents. The delay is the latest development in the ill-fated acquisition of Argosy, South University and Art Institutes campuses by Dream Center Education Holdings. The Los Angeles-based nonprofit organization has struggled for two years to transform the flagging for-profit colleges into thriving nonprofit schools. Dream Center has spent months trying to close and sell some campuses, but could not meet its financial obligations and in January entered into receivership -- a form of bankruptcy. Full story

19 February