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A school in upstate New York known as Wells College is closing its doors this spring after seeing its graduating class of 2024 cross the podium into their future due to unstable revenue.
"We have a fiduciary responsibility to the institution; we have determined after a thorough review that the College does not have adequate financial resources to continue," Board Chair Marie Chapman Carroll and President Jonathan Gibralter wrote on the announcement of the school’s closure.
"Many small colleges like Wells have faced enormous financial challenges. These challenges have been exacerbated by a global pandemic, a shrinking pool of undergraduate students nationwide, inflationary pressures, and an overall negative sentiment towards higher education," the statement continued.
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Wells College in upstate New York closes due to low enrollment and financial difficulty. (Google Maps)
"Why wait until Monday when it's finals week and everyone's planning on going home and coming back next year? What is everyone going to do? Especially juniors and sophomores. We have to start over at a new place now. Especially to faculty — they found out at the same time as us and they didn't have any time to help us or advise us what to do," Wells student Natalie Day, told ‘The Citizen.’ "It's really unfair to everyone."
As Well’s last graduating class turns the page on their educational career towards the next chapter of their life, the institution plans to mitigate the transition of their students through a partnership with Manhattanville University. "We have entered into an agreement with Manhattanville University where it will become our preferred teach-out partner," the statement continued.
Manhattanville University plans to support Wells students by dedicating housing to them and creating "a legacy agreement that would integrate the Wells College name and history into the Manhattanville community."
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The school has made additional teach-out agreements with six other higher education institutions in New York to accommodate its students, from Hobart and William Smith Colleges at just under 35-miles away from Wells, to Manhattanville University, which is lies 270-miles away.
Wells, a liberal arts college, was founded by Henry Wells - the founder of American Express and Wells Fargo - as a women-only institution in 1868. They opened their doors to integrate its student body as co-ed in 2005.
Notable alumni of the school include First Lady of the United States and wife to President Grover Cleveland, Frances Clara Cleveland Preston, and Pleasant Rowland, creator of the American Girl Doll brand.
Driving distance from Wells College to Manhattanville University. (Google Maps )
According to ‘U.S. News & World Report’, the 156-year-old liberal arts college has an annual undergraduate enrollment of 342 students. The school website reports, ‘over 80% of our classes are less than 20 students.’
‘Higher Ed Dive’ reports that seven other colleges have already closed their doors less than halfway into 2024 due to financial distress and low enrollment, making Wells the 8th college to close in the U.S. this year.
Wells College did not respond to Fox News Digital's request for comment.
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