UPDATE: Anamarc College Fires Teachers, Cancels Classes – What’s Next?

School's out for summer, and it looks like out forever at Anamarc College. Students were told yesterday that classes were cancelled and they were told to leave the campus. Teachers say they got letters of termination. So what is going to happen to Anamarc's students and the money they've spent on their education? Good questions, and now we know the answers.

$30,000. That's how much a lot of students have paid for their degrees at Anamarc, and the want to know what happened that money, and what the college's financial problems mean for their degrees. The owner of the school, Ana Maria Houde, says Anamarc is having "temporary cash flow issues", and has filed for bankruptcy.

Houde told students on Tuesday that she is working on a transition plan with the Texas Workforce Commission and the Department of Education. The Accrediting Council for Independent Colleges and Schools says they are giving Anamarc until Friday to come up with that plan. Unfortunately, the details of the plan that Houde is says she is working on, are not known.

The discovery of a legal papers that detail hundreds of thousands of dollars that were allegedly embezzled by Houde's sister and brother-in-law, have only served to muddy the waters.

Here is what is known about Anamarc:

1. They haven't paid employees for several weeks. Houde says she will resolve checks that bounced earlier this week on an individual basis.

2. All instructors were fired on Tuesday with letters that said they should consider themselves permanently laid off.

3. Students say they are not being given their transcripts, but because many of them have been told their credits won't transfer to other institutions, it is kind of a moot point.

4. It isn't known what will happen to the students who have graduated, but who still need Anamarc's approval before they can take their state exams.

This afternoon, the ACICS reported that Anamarc is closing for good. Anamarc has until July 11 to come up with a plan to offer refunds to students, stay open long enough to let current students finish their education, or make arrangements with other schools to allow Anamarc students transfer. If Anamarc doesn't comply with these conditions, they could be prevented from opening up another school.

If you are a student and you need more information, you can go to ACICS.org.