Wells Fargo Founder's College in New York's Finger Lakes to Shut [BNN Bloomberg (Canada)]
Wells Fargo & Company (WFC)
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Source: BNN Bloomberg
The college was established in 1868 by financier Henry Wells, who also founded the Wells Fargo and American Express companies. The school, which operated as a women's institution until 2004, noted that it's one of many small colleges to face “enormous financial challenges.” The school had just over 335 full-time students in 2021, down about 40% from a peak of 568 in 2008, according to data from the National Center for Education Statistics. “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,” said Marie Chapman Carroll, board chair, in a letter to the community. “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.” A bevy of colleges in New York have either shut or plan to do so, including Cazenovia College and the
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