Argosy Online - we’ve been told for weeks to tell students there’s a delay with financial aud due to government shut down and its caused a delay with funding being brought in and stipends being issued. We started finally seeing stipends issued at the 14 day mark and students were finally happy. Then within a matter of days the stipend was voided back to ledger and we are told don’t know when they will be reissued. Students have called DoE and done their own research and complain they were told shut down wouldn’t affect aid and isn’t. Suddenly now we are being told it isn’t really the shut down and it’s actually an internal system issue. Wondering what is really happening. Do we have the funds or did we never receive them and why?
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http://www.ohe.state.mn.us/mPg.cfm?pageID=2340
Eagan students were told 2/6/19 that there’s a delay in the release of student stipends, and no time or date is known for students to receive them. MN Office of Higher Education updated their website today, stating Argosy is not responding to or confirming that students have not received their stipends. They are withholding funds without a good explanation. Can’t get a straight answer from campus.
Simple—DCEH doesn't have the money. The AIs and Argosy are "Heightened Cash Monitoring" schools, which means DCEH has to pay the refunds out of its own pocket, then asks ED (NOT DOE, that's the Department of Energy) for reimbursement or something. I don't work with this stuff so I don't know it as well as the financial aid people should. The AIs and Argosy are on the list as HCM-1. The definition per ED is : Heightened Cash Monitoring 1 (HCM1): After a school makes disbursements to eligible students from institutional funds and submits disbursement records to the Common Origination and Disbursement (COD) System, it draws down FSA funds to cover those disbursements in the same way as a school on the Advance Payment Method.
The important bit is the institutional funds part, which I would bold if I knew how. Ask your financial aid people what this means.
I was told they were implementing the 14 day hold policy on stipends, meaning all stipends had to be held for 14 days before being sent out. I GUESS it's been a policy but never implemented and students typically got them issued out within a few days but they decided to start holding them for whatever reason! Pay rent? Light bill? Lol insane
and still, they did not make the cut...
Sounds like some creative accounting to me. If a bank pulled this on a customer, they would be in trouble. We were told that DCEH had a new accounting system. Can you give me another glass of kool aid please???
Of course they did that. I don't understand how they get away with all this s**t
They were receiving the aid from government but they needed to appear like they had more cash when transferring companies and such so they held onto the students stipends.