National Hispanic University expects to close next year as a four-year college, but may host a new charter school, after several severe financial cutbacks.
The decision was made by NHU’s Board of Directors.
"We made critical and important efforts to expand and make the 'national' in National Hispanic University real," said Jonathan Kaplan, a top Laureate official and chairman of the NHU board of directors, according to the San Jose Mercury News. He said Laureate had invested "tens of millions of dollars in infrastructure, faculty and student support."
The school will continue to offer classes at the campus until the remaining enrolled students graduate or transfer to other colleges by the summer of 2015. At that time, NHU would cease to exist as a college accredited by the Western Association of Schools and Colleges.
Since it's beginnings in 1981 in Oakland, the school has struggled to raise operating funds and enrollment. Back in 2010, the U.S. Department of Education reduced financial aid and online opportunities to liberal arts students across the country enrolled in programs that did not offer good prospects for employment.