Boston College will take over the nearby Pine Manor College, a struggling liberal arts school in Chestnut Hill, Mass., that serves primarily minority and low-income students.
The Boston Globe reports that Boston College will allow the 300 Pine Manor students and any new students who have made deposits to enroll next year to continue their studies on the campus for two more years.
After that, Boston College will take over Pine Manor’s assets, including the 46-acre Chestnut Hill campus, and liabilities, which total around $11 million.
Pine Manor had recently warned students about its uncertain financial future. Last month, officials said that a fall opening was in jeopardy.
Pine Manor, once an all-female finishing school, now serves a co-ed class that includes many students of color who are the first in their family to attend college.
The agreement signed by the two schools calls for Boston College to establish the Pine Manor Institute for Student Success, which will offer outreach and academic support programs for underserved and low-income students at Boston College.
Pine Manor students will be allowed to apply to the Boston College Woods College of Advancing Studies to finish their degrees, the schools said. They will also continue to receive financial aid.
