Financially-strapped Saint Joseph’s College has announced plans to resign its accreditation with the Higher Learning Commission. The college says the voluntary move, which will be effective June 30, will make it easier to regain accreditation if it can recover from its current financial situation.
Saint Joe says voluntarily resigning allows the college to preserve resources, protect all current grades and degrees and "prepare a path for a future partnership." The resignation will also not affect Saint Joe’s accreditation status for the current academic year.
President Robert Pastoor announced in January the college’s financial situation is "dire," saying it needed $20 million to continue for another year and $100 million to cover expenses. Over the last two months, Saint Joe has announced the termination of more than 400 jobs.
The college says it will continue to work over the next two years to correct its financial situation. The administration is expected to submit a report to the Saint Joseph’s Board of Trustees by June 30, 2019.