My guess is that it’s not really a check you deposit, but a “discount coupon” you can use if you enroll there.
However, given how much they charge for tuition, you will be better off getting your degree from a lower-cost state school. There are lots of other threads on CC about for-profit art schools. I just googled and the Art Institute of Atlanta has a 14% graduation rate in 4 years and a 23% graduation rate over 6 years. Buyer beware!