Newbury College, a small liberal arts college in Brookline, Mass., will shut down at the end of the spring semester.
The Boston Globe reports that Newbury has been on probation with accreditors since the summer because of financial issues. The school has experienced declining enrollment for several years.
Joseph Chillo, Newbury’s president, says in a statement on the school website that the closure comes “with a heavy heart.”
“It is no secret that weighty financial challenges are pressing on liberal arts colleges throughout the country," Chillo wrote. "Newbury College is no exception. These financial challenges, the product of major changes in demographics and costs, are the driving factors behind our decision to close at the end of this academic year."
Newbury is the most recent of several colleges in the region to close. Across the nation, small private colleges have struggled to stay afloat amid declining enrollment and prohibitively expensive tuition.
On Thursday, the regional accrediting agency announced that it plans to withdraw accreditation from the College of St. Joseph, a small school in Vermont, also because of financial concerns.
Mount Ida College, a small school in Newton, Mass., shuttered in May.
Newbury College has been struggling financially for the past few years. In its annual financial statements, it forecast a $2.8 million cash flow deficit for the fiscal year ending in 2018.
The college was trying to solve its cash problems by marketing some of its real estate and trying to negotiate better terms with its lenders, according to its financial statements.
The state's Department of Higher Education says it will work with the school on the details of its closure plan. It is expected to announce in the coming weeks the places where students will be able to transfer and complete their degrees.