Advertisement Burlington College to end academic programs, close campus School announces it is not financially viable Share Shares Copy Link Copy

Burlington College announced Monday morning that it will end its academic programs and close its campus.Watch story here. "We've been working very hard to try to save this institution," Dean of Operations and Advancement Coralee Holm said at a press conference Monday afternoon.Holm said the college's $1 million line of credit would not be renewed for another year. She said the school owed about $2.2 million to People's United Bank.Students, faculty and staff members were notified of the closure Monday. Representatives from the Department of Labor were expected to meet with employees Tuesday to begin the process of filing for unemployment.Holm said Burlington College "has struggled under the crushing weight of the debt incurred by the purchase of the Archdiocese property on North Avenue."She called the decision to close the college heartbreaking.The college also said the New England Association of Schools and Colleges would not renew its accreditation because of its financial strains.Burlington College was on probation and did not meet the standards to retain its accreditation."These hurdles are insurmountable at this time," Holm said in the release.The Burlington College Board of Trustees voted unanimously Friday to close the school's programs effective May 27.Holm said other area colleges have offered support for Burlington College's students. They will be able to continue their education at a college of their choosing, the school said.Burlington College had agreements with Champlain College and Marlboro College to accepts its students. It was in talked with Green Mountain College about a similar agreement.Students admitted for the fall of 2016 will be welcomed at another college of their choosing within Vermont, Holm said.Dr. Carol Moore, who has served as Interim President since December 2014, said the college explored multiple options to remain open."It's a great loss to the higher education community," she said.Burlington College was founded in 1972 as a small, progressive school. It was recognized in 2013 for its high rate of student internships.It listed a full-time undergraduate enrollment of 225 students. Tuition for the previous academic year was $31,800, according to the college's website.The college held its 35th commencement ceremony Saturday.Jane Sanders led the college as president from 2004 to 2011. She wanted to double enrollment by 2020.The college sold 12 acres of waterfront property to the city of Burlington in February for $500,000.Mayor Miro Weinberger released a statement Monday evening about the college's closing."Although it has been clear for years that the college faced major financial challenges, many individuals and organizations, including the city, hoped (Monday's) announcement would never come and worked to achieve a better outcome," Weinberger said. "Our thoughts are with those most impacted by (Monday's) news -- current students who have not yet completed their degrees and the committed college faculty and staff who will soon lose their jobs -- and the city appreciates the proactive steps being taken to assist these groups.”Get the WPTZ app