Many students, faculty and people living near Green Mountain College say they are saddened but not necessarily shocked by the news that the 185-year-old school will close in May.

College President Bob Allen said the school worked for the last 18 months to find a solution, but declining enrollment and rising costs proved insurmountable.

“We are not alone with this problem,” he said.

According to Education Dive, an online publication that tracks the education industry, more than 100 colleges and universities in the U.S. have closed since 2016.

"We are not alone with this problem." - Green Mountain College President Bob Allen

Allen said in the last ten years the school's undergraduate population dropped by nearly half. From 775 to 427.

At the same time, the costs to run the school continued to rise. He said faculty did work with the administration to try and restructure the college. “So we modeled going to 300 students, which is fewer than we have now, and reducing our faculty by more than 50 percent,” said Allen.

“But in the end,” he went on, “there was still a pretty significant gap between revenue and expenses that we didn't see that we had the ability to fill.”

There were also several potential deals on the table, said Allen, some until just recently included mergers with other colleges.

But in the end, none worked.

So after the college’s May 19 commencement, its 100 employees (40 faculty members and 60 staff) will have to find new jobs.

And 400 or so undergraduates, like Rose Watkins, a sophomore from Montclair, New Jersey, will have to find new schools.

"A lot of students and staff were pretty upset about it. It's really unfortunate; I feel like we should have been warned about this." - Rose Watkins, Green Mountain College sophomore

Watkins hopes to become a vet technician. “Right now, I’m looking for programs and exploring options,” she explained. “But I think that it’s been really abrupt and hasn’t set in, that we got the information last night and a lot of students and staff were pretty upset about it. It’s really unfortunate,” said Watkins, “I feel like we should have been warned about this.”

Naomi Peduzzi, a senior from Jay, New York and Michele Cove, a junior from Tacoma, Washington said rumors had been flying for weeks that the school might close.

"Everybody was just talking like what now? Do we drop out this semester? Is it even worth it?" - Green Mountain College Student Michelle Cove

Cove said she started looking for a new school over the winter break.

“Everybody was just talking like what now?” she said of the confusion and fear on campus. “Do we drop out this semester? Is it even worth it?” she said people were asking.

“And if the amount of people who leave the school cause classes to be canceled because there aren’t enough kids in the classes ... That was scary for everyone to think about so the mood last night I think everybody was sad and crying and maybe drinking a little,” she admitted with a laugh.

Peduzzi nodded in agreement, “It was very somber,” she said, “like the weather this morning it’s been so dreary and rainy and icy. It’s so fitting because everyone is so sad to be leaving their friends and no one really knows where everyone will end up and whether they’ll be separated and that’s really sad,” she added.

"I'm excited by what we can do using this a learning moment. Building resilience and helping young people figure out how to do that is tremendously important." - Green Mountain College Professor Bill Throop who will teach a course this semester on resilience and sustainability.

Professor Bill Throop has been teaching at Green Mountain College for 23 years and was part of a working group that tried to save the school.

He said he’s not angry about what’s happened; he’s grieving.

A philosophy and environmental studies professor – he said this semester, he’ll teach a course on sustainability and resilience. “I’ll be honest, I’m daunted a little, but I’m also excited by what we can do using this a learning moment,” said Throop, adding, “I think a lot of other colleges are going through this and we all know that rural regions around the country are going through their own versions of this. Building resilience and helping young people figure out how to do that is tremendously important.”

Green Mountain College president Bob Allen said they’ve worked out agreements with a number of schools in and out of Vermont where students' credits will transfer, where application and transfer fees will be waived and where current tuition rates will be matched as much as possible.

“Parents as you can imagine are concerned about what the next step might be for their son or daughter,” he admitted. “I’ve been hearing from quite a few,” he said.

“And we will be there every step to make sure that our students find a path to complete their degrees and with these eight and nine institutions we can guarantee that at the cost that they had originally planned.”

“But wherever these students decide to go, we will help them get there,” added Allen.

"We will be there every step to make sure that our students find a path to complete their degrees." - Green Mountain College President Bob Allen

He said they’re working especially closely with Prescott College in Arizona and Castleton University, which has applied to take over Green Mountain College’s Killington School of Resort Management.

After commencement in May, what to do with the buildings and Poultney campus will be the next major task. Allen said the college has about $21.5 million in outstanding debt.

He said the campus has been valued at about $20 million.

“The most interest that I've seen so far has come from international institutions - international colleges that are looking for a presence in the U.S.”

So far, Allen said they’ve had inquiries from as far away as Australia and Taiwan.