Leadership at Hampshire College says the school can plan out its final months with new "financial confidence," thanks to a "philanthropic partner."
With an agreement reached in principle, College President Jennifer Chrisler says Hampshire has firmer financial footing compared to a week ago, when even funding its teach-out plan was in doubt.
In a new letter to the campus community, Chrisler says a philanthropic partner will provide a loan to the college, buying Hampshire more time to plan out the sale of its campus before eventually closing.
For the past few months, the Amherst, Massachusetts, school has been trying to satisfy creditors looking to collect on debts, mainly tied to loans Hampshire took out over a decade ago.
It raised questions of how rapidly the school would sell its 800-acre campus, but with the new funding, Chrisler says Hampshire can better "strategically plan for land sales that maximally meet our financial obligations, and to consider legacy and mission throughout that process."
The loan was also enough to convince the Board of Trustees to vote in favor of continuing the school's summer and fall teach-out plans over the weekend.
A week after stating Hampshire did not appear to have enough cash on hand for the teach-out, Chrisler now says the school will likely have "adequate financial resources" in place for its programs, once the loan is finalized over the next month.
The college president did not disclose the size or scope of the new loan.
