Argosy University Students Waiting For More Than $9 Million In Financial Aid

Chicago (CBS) -- Students at Argosy University have worked for years toward degrees, but now their school can't pay its bills. It's under court-ordered receivership, leaving students without access to thousands of dollars in financial aid.

Lauren Jackson is getting her doctorate in clinical psychology at Argosy University. The federal funds and scholarships she needs to live are currently frozen, making life as a full-time student and mom challenging.

"That's my living expenses, my daughter's tuition, bus fare, just to get to class, rent," Jackson said.

She said she's owed about $10,000.

"I'm now two months behind on everything and haven't received anything," Jackson said.

Meghan Curtin is in the second year of her doctorate in psychology.

"It's very stressful," Curtin said. "Right now, the balance on my student account is about $6,000 or $7,000."

Argosy is a non-profit university with more than 15,000 students across the United States with 475 students attending the Chicago campus on Michigan Avenue.

Mark Dottore has been the court-appointed receiver for 16 days.

"So many things were done wrongly before I got there," he said.

Dottore says more than $9 million in financial aid wasn't given to Argosy students but used for payroll instead.

"I've already helped some of the people in Chicago. I'm calling private landlords. I'm calling people receivers normally don't do. I feel horrible for those people," Dottore said.

"Emails for bills are coming through that they're due or past due, so just trying to push through," Jackson said. "Just not an end in sight quite yet."

"We're working on this and we're going to get this done," Dottore said.

Dottore says he hopes to have the funds released by Friday. The Illinois Board of Higher Education is involved in an ongoing investigation of Argosy and says students can file complaints online.