The state is urging current and former students of Argosy University-Hawaii to obtain their academic and financial records from the school as soon as possible in case it shuts down suddenly.

The university’s owner, Dream Center Education Holdings LLC, was put into receivership on Jan. 18 in U.S. District Court in Ohio after Digital Media Solutions LLC sued it and South University of Ohio LLC for failing to meet their financial obligations.

“While Argosy University has indicated that it intends to operate as normal, the situation is unpredictable and other institutions facing similar challenges have abruptly shut down in the past,” Bobbi Lum-Mew, a state administrator, wrote in an email to Argosy students. “Although we can’t predict what will happen, there is a chance that the school may close.”

Lum-Mew is the program administrator for the Hawaii Post-Secondary Education Authorization Program, which is part of the Department of Commerce and Consumer Affairs. It has sent emails to students and set up a website to keep them informed at 808ne.ws/argosystatus.

While Argosy Hawaii is still operating, the state is alerting students and alumni to collect copies of their records. Transcripts and financial records may be needed for students to obtain financial aid, loan forgiveness, transfer credits or continue their education, officials said.

“We share the frustration over the inability to tell students anything definitive as it is a fluid and evolving situation that changes daily,” Lum-Mew said.

In his order putting Dream Center Education Holdings and South University of Ohio into receivership, Judge Dan A. Polster noted that the two entities owed more than $250,000 to Digital Media Solutions and have other debts of more than $100 million. Dream Center, a nonprofit, is a holding company for Argosy University as well as Art Institutes, which enroll tens of thousands of students at campuses across the nation.

Argosy University is still accredited but the WASC Senior College and University Commission has issued a “show cause order,” requiring it to show why its accreditation should not be terminated.

Argosy Hawaii has nearly 800 students in its undergraduate, graduate and doctoral programs. It offers degrees in business administration, information technology and clinical psychology, among others. Most of its students are adults, with an average age of 34, and attend classes at night and on weekends, according to its website.

Argosy Hawaii has classrooms and office space in downtown Honolulu as well as locations in Wailuku, Hilo and American Samoa. Its headquarters on the fourth floor of American Savings Bank Tower was quiet Wednesday.

Staff and faculty referred all inquiries to campus president Ken Guerrero. He did not respond to phone calls or a visit from a reporter.

William Nhieu, a spokesman for DCCA, said that the agency has received reports that students have not received financial aid stipends they were expecting.

Digital Media Solutions’ lawsuit noted that appointing a receiver would help protect all interested parties, particularly students, whereas filing for bankruptcy would cut off the flow of federal education funds, “resulting in exceptional and immediate harm to the students.”

“A receivership, however, would allow the valuable assets to be sold at non-distressed prices, a proper teach-out for students, and appropriate wind-up of the dozens of entities owned by DCEH, including SUO and Argosy,” the filing said.

Argosy University and the Art Institutes used to belong to the for-profit Education Management Corp. before being bought in 2017 by Dream Center and converted into nonprofits, according to an article in Inside Higher Education. Dream Center has said that revenue fell far short of projections by Education Management Corp. and fixed costs were much higher.

ARGOSY HAWAII STATUS

The Department of Commerce and Consumer Affairs is offering online updates for current and former students of Argosy University Hawaii:

>> At the website 808ne.ws/argo­systatus

>> A guidance document in case the school closes can be found at bit.ly/2GpKJ9k