SANTA FE, N.M. — The future of the Santa Fe University of Art and Design is in doubt after negotiations for the sale of the school to an Asian company broke down.
While interim President Maria Puzziferro is downplaying the option of closing, the for-profit school has decided not to accept any new students for the coming academic year.
“I wouldn’t say this is a step toward closing,” Puzziferro said. She then said the university may consider closing but would not shut down suddenly. Students would be able to complete their degrees, she said.
The Santa Fe school is owned by Laureate International Universities. The city leases the campus to the university for $2.2 million a year. Laureate had hoped to sell its assets to Raffles Education Corp. of Singapore, but the deal stalled.
The nonprofit Higher Learning Commission postponed approving the transfer of the school to Raffles late last year, leading to a breakdown in negotiations. The Higher Learning Commission accredits colleges and universities in 19 states.
“We couldn’t see a clear pathway to approval anytime in the near future,” Puzziferro said of the deal after the commission wanted more information about both parties in the sale.
Steve Kauffman, a spokesman for the Higher Learning Commission, said Wednesday that university administrators hadn’t notified the commission that the sale was off.
