Anna Maria College is closing its doors, becoming the second Massachusetts school to succumb to financial woes this month in an increasingly precarious era for higher education.
The decision to shutter the small Catholic college in Paxton reflected “years of financial pressure that we were ultimately unable to overcome,” according to a message from college president Sean J. Ryan and trustees chair David P. Trainor.
“We tried to find a way,” read the message. “We are grateful to everyone who tried alongside us. And we are deeply, genuinely sorry we found no viable path forward.”
Its graduating class of 2026 will be Anna Maria’s last after classes wrap up in May. The majority of faculty and staff will lose their jobs come June.
Anna Maria opened in 1946 under the direction of the Sisters of Saint Anne. In the following eight decades, it developed a reputation for educating working-class students from Greater Worcester in nursing, social work, criminal justice, and fire science. Many of its graduates forged careers in local law enforcement.
In its final year, Anna Maria leadership took cost-cutting measures, reducing staffing and operating costs by $2 million, upping its fundraising efforts, and shepherding a small but noticeable rebound in its 1,200-student enrollment, a news release said.
But it was not enough to save the college. Less than two weeks ago, state officials warned that Anna Maria may not have “sufficient resources” to operate for the next 18 months — a dire last-ditch warning. (Massachusetts law requires struggling schools to post public notice of their financial condition, a consumer protection measure stemming from the abrupt closure of Mount Ida College in Newton in 2018.)
At the time, Ryan, who assumed the presidency last year, said the school was committed to operating in “full compliance” with state standards and meeting the academic needs of its students.
Yet the college said in its news release Thursday that a recent financial audit carries “an opinion of substantial doubt about the institution’s ability to continue as an operating entity,” and “new restrictions” on its ability to distribute federal financial aid.
Anna Maria’s closure comes as 400-some private colleges are projected to shutter in the next decade. Hampshire College in Amherst fell victim to its declining enrollment and tenuous bottom line last week, leaving hundreds of its students to continue their education elsewhere.
Hampshire, known for its unconventional liberal arts curriculum and prominent alums such as filmmaker Ken Burns and author Jon Krakauer, had been on shaky financial footing for years. Existing students will be allowed to take classes through the fall semester, while newly-admitted students are set to be refunded.
State officials said earlier this month they would require Anna Maria to craft a contingency plan that would allow “students and their families to continue their education with minimal disruption,” should the college close.
Then, the college appeared optimistic and said that student deposits for the upcoming fall semester were “trending ahead” of previous years. Those students will now have their deposits refunded, the school said Thursday.
Anna Maria will host its spring commencement for graduating seniors as planned May 9.
“For students who will not complete their degrees this semester, we have been working ahead of this announcement to ensure that clear pathways forward are in place,” the school wrote. “Transfer agreements with partner institutions are being finalized, and additional partners are being added.”
Regis College will receive and hold all of the Anna Maria records and welcome transfer students from the college, its spokesperson Michael Guilfoyle said Thursday night. Most Anna Maria students in good academic and disciplinary standing are guaranteed admission to Regis, while nursing students will be considered on a case-by-case basis.
“Students impacted by this decision should know that they are welcome at Regis College,” Regis president Antoinette Hays said. “We recognize the shared values that guide our institutions, and we are committed to continuing that spirit throughout their educational journey.”
Massachusetts Department of Higher Education Commissioner Noe Ortega said in a statement that he “recognize[s] how incredibly difficult this news is for students, faculty, staff, and the entire Anna Maria community.”
This story was updated to include statements from Regis College.
Material from previous Globe coverage was used in this report.
Camilo Fonseca can be reached at camilo.fonseca@globe.com. Follow him on X @fonseca_esq and on Instagram @camilo_fonseca.reports. Diti Kohli can be reached at diti.kohli@globe.com. Follow her @ditikohli_.