A Vermont liberal arts college once led by Jane Sanders, the wife of Democratic presidential hopeful Bernie Sanders Bernie SandersNYT editorial board remembers Ginsburg: She 'will forever have two legacies' Two GOP governors urge Republicans to hold off on Supreme Court nominee Sanders knocks McConnell: He's going against Ginsburg's 'dying wishes' MORE, announced Monday it is closing, citing "crushing" debt incurred during her tenure.

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Burlington College cited the debt from its 2010 purchase of more than 30 acres of land from the local archdiocese in announcing its decision to close, according to a statement reported by media outlets.

Jane Sanders served as president of the school from 2004 to 2011. Her husband, a former mayor of Burlington, served in the House between 1991 and 2007 and has since served in the Senate.

Officials said the school, which was placed on probation in 2014 by its accrediting agency for not having enough resources, is unlikely to be reaccredited, despite selling some property last year.

The school applied for a $6.7 million loan to buy the property from the diocese, and borrowed $3.5 million from the diocese itself, according to documents reported by CNN.

The school will reportedly stop operating on May 27.

In a statement to CNN, the college said its current students could "continue their education at a neighboring college and graduate as scheduled."