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The school’s board of trustees voted Thursday, Nov. 30, to shut down the college at the end of the Spring 2024 semester.
“It is with a heavy heart that the Board decided to close the college at the end of this academic year,” Board Chair Jeffrey Stone said.
"The Board determined that the College does not have the financial resources to operate for the full 2024-2025 academic year and therefore cannot remain a standalone institution.”
It comes after years of declining student enrollment at the private Catholic college and, along with that, declining tuition money.
In December 2020, the school’s board of trustees announced it was dropping a total of 25 bachelor’s, master’s, and certificate programs as part of a nearly $6 million cost-cutting plan.
“It is no secret that weighty financial challenges are pressing on colleges and universities throughout the country. The higher education sector is in a period of real transformation,” Interim President Marcia White said at the time.
That budget slashing came months after the board made $8 million in administrative and staff expense reductions including layoffs, salary reductions, and freezing the staff pension plan.
“We are devastated that despite all our efforts we were unable to avoid closure,” Stone said. “Our goal now is to ease the transition for our students, faculty, and staff.”
The college said it would assist students in graduating in May 2024 and will "outline a clear pathway" for them to earn their degrees.
"That transition will be guided by a formal institutional teach-out plan, as required by the Middle States Commission on Higher Education and the New York State Education Department," the board said.
"The plan will enable the closure to proceed in an orderly manner to minimize its impact on the students and college community."
Faculty, staff, and administrators will receive assistance from the school's human resources department in finding other jobs.
Albany Mayor Kathy Sheehan said the city will also work with the college’s staff to connect them to job opportunities with the city, county, and other local employers through job fairs and other events.
“Together, we will work to create new opportunities and economic growth for Albany and our entire region," Sheehan said.
The College of Saint Rose was founded in 1920 as a women’s college. It became fully co-ed in 1969.
It is a Division II member of the National Collegiate Athletic Association (NCAA).
The college will hold its 101st and final commencement in May 2024.
Notable alumni include actor and Tonight Show host Jimmy Fallon, who graduated with a bachelor of arts degree in communications in 2009.
Other famous names to pass through its halls include former Houston Astros outfielder Glen Barker, former New York State Sen. Betty Little, and current State Sen. Jim Tedisco.
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