The University of Sarasota was a business and education-focused school and was founded in 1969. In 1976, Markovitz became the founding chairman of Argosy Education Group, which acquired the University of Sarasota in 1992. In the late 1970s, Michael Markovitz founded the Illinois School of Professional Psychology, which later changed its name to the American School of Professional Psychology. The origins of Argosy University trace to three separate institutions: the American School of Professional Psychology, the Medical Institute of Minnesota, and the University of Sarasota. According to Inside Higher Education, 'The Education Department said that the roughly 8,800 students enrolled at Argosy campuses could seek to transfer their credits elsewhere or apply for loan cancellation in the event their campus shuts down.' Īll Argosy campuses were officially closed on March 8, 2019.

On February 27, 2019, the US Department of Education stated that they were cutting off federal funding to Argosy University.

Argosy University was a system of for-profit colleges owned by Dream Center Education Holdings (DCEH), LLC and Education Management Corporation.

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