After declining enrollment and lack of fundraising, the College of Visual Arts in St. Paul is closing its doors on June 30.
The Star Tribune reports the announcement came Wednesday. Enrollment has dropped by 21 percent over the last year, school officials say.
The tuition at the college is one of the lowest in the state, but students are still finding it difficult to pay their way.
"With declining federal and state financial aid support, and the challenges surrounding private loans, students cannot afford the college of their dreams," President Ann Ledy said in a statement.
Founded in 1924, the four-year college offers Bachelors of Fine Arts degrees and currently serves 170 students and employs 29 full-time staff as well as 45 adjunct professors.
Students in good standing will be allowed to transfer to the Minneapolis College of Art and Design (MCAD) to complete their degrees.
MCAD is also feeling the pinch, President Jay Coogan tells MPR. The school, four times the size of the College of Visual Arts, is fortunate to have a much larger endowment to help it get through tough times.