Mar 5, 2009 9:57 pm US/Central
School Closing Leaves Paying Students In Lurch
CHICAGO (CBS) ―
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Jacoub Youakim is one of several students whose college, Connecticut School of Broadcasting, abruptly closed.
CBS
Dozens of students in Chicago found themselves victims of the economy on Thursday.
With no warning, their brand-new broadcasting school shut down. Many are out thousands of dollars in tuition.
CBS 2's Dorothy Tucker reports.
It's called the Connecticut School of Broadcasting. If you've never heard of it, it's because it just opened in Chicago in October. But the school's been around since 1961.
There were 26 locations in 14 states. Now, every one of those locations is closed.
A competitive edge in the world of media is what the school promised when it opened its doors in the Chicago market.
CSB had two locations: one at 203 N. LaSalle; another in Downer's Grove. Jacoub Youakim was one of the first to sign up for classes. Now, he's one of more than 50 who are learning the school has closed.
"I really wanted to do this," he said. "It's in my heart."
Youakim got his heart broken last night. That's when he got an email announcing the bad news.
The school is located on the 13th floor. Building managers wouldn't let cameras up, but Tucker went up and found the doors locked, space dark and a notice on the window saying the school is closed until further notice.
What was missing what information. The 16-week program cost $12,000, and most, like Youakim, took out student loans.
"I've been frantically calling everybody at CSB and higher-ups, whoever can just help me get my money back and others to get their money back," he said.
CBS2 also tried calling the school but only got a recording. In a press release, the president of the company said the bank had forced it to close. Sources told CBS2 that the school was losing money because enrollment was down, and enrollment was down because the banks were making it harder for students to get loans.
The attorney general in Connecticut is investigating to see if school officials knew the institution would be closing yet continued to accept money from the students.
The company president has indicated he'll file for bankruptcy, which means the students may have to go through the courts to get their money back.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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