Argosy University, a for-profit college with a campus in Phoenix, announced Friday its shutting down due to financial reasons. The closure of its Phoenix campus would affect about 450 students.

Teri Stanfill, executive director of the Arizona State Board of Postsecondary Education, said the state steps in to assist impacted students.

“The state board becomes the custodian of record," Stanfill said, "and we will be taking official possession of student educational records, whereas we can then provide official copies of their transcripts when they wish to transfer.”

Argosy’s parent company, Dream Center Education Holdings, also owns the Art Institute chain, which is also closing. The Art Institute of Phoenix campus shuttered in December.