FAYETTEVILLE (WTVD) -- A private cosmetology college announced that it's shutting down which could leave students with thousands of dollars of debt.
The Fayetteville Beauty College said it's been operating since 1931 but that's about to change.
Many students said they feel they are being cheated. They said they could be out money from loans and student reimbursements as well as course credits.
The students said the federal loans go directly to the school which is supposed to reimburse them for expenses. The school still owes them money, according to many students.
The owner, Dan Koceja, said he's waiting on the state to give him the funds.
"It's the money that belongs to the school that's the issue, because when their money comes in they will be getting their money," he said.
Student Nydia Maldonado said she has proof the school has received her money, but she hasn't seen any of it.
"I have paperwork stating where the money has been going, and it's also on my credit," she said. "I can't move forward with my life with this being on my credit."
She said she had to drop out and go back to work.
ABC11 was there when Koceja talked to officials from Fayetteville Technical Community College about accepting students into their program.
The owner didn't have an exact date for when the school would close.
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Fayetteville cosmetology school closing could leave students in debt
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