The Art Institute of California in North Hollywood closed Friday among student confusion who found out via email.
Students picked up transcripts and other documents from the nonprofit school after months of rumors about the institution facing financial troubles.
"I blame the people that were in charge of managing our money because millions of dollars in the email they sent out explained that it just went missing, there is no money to pay the bills," said student Anibal Ruiz.
Campus director David Schreiber said he doesn't know where the money went, but people can be provided with the records.
The institution is working to provide students with loan discharge or transfer to another higher education institution.
However, students will lose all of their credits if they choose student loan discharge and students will be required to take out new loans if they transfer to another school.
The Art Institute of California has a final deadline until the end of the month to be bought out by another school.