AMHERST — Hampshire College could be placed on probation or have its accreditation withdrawn if it is unable to prove a form of viability to the New England Commission of Higher Education at its meeting in June.
With concern that the college may no longer meet the commission’s standard on Institutional Resources, the college and commission Tuesday jointly issued a statement about the action that occurred on March 5.
Even while being given what is known as “show cause,” Hampshire College remains accredited and eligible for federal funding, including student financial aid.
“Throughout Hampshire’s history, leadership has worked productively with our accreditors to plan for, provide and assess our distinctive, student-driven educational model,” Hampshire College President Jennifer Chrisler said in a statement responding to the decision. “I look forward to working with NECHE to ensure the success of our sustainability plan and preserve the remarkable experience of our students, a group of iconoclastic, bold, and creative people who believe passionately in making our motto, ‘To Know Is Not Enough,’ a reality.”
The commission’s decision was based on several factors.
First, the college is not maintaining enrollment growth momentum, with the overall number of students dropping from 842 in fall 2024 to 747 in fall 2025, an 11% plunge.
Second, the sale of a parcel for a mixed-use development at Atkins corner fell through following concerns from nearby residents about the intensity of the project, as well as town permitting boards in Amherst concerned about the impact on wetlands.
Third, the college has been unable to refinance its $21 million bond debt, with an upcoming tender date of September 2026.
Finally, the college has a declining unrestricted endowment that has been used to support operations.
Jose Fuentes, who chairs the college’s board of trustees, also issued a statement observing that the college’s ongoing financial viability is the board’s top priority.
“To that end, we are focused on refinancing the college’s debt, working to continue fundraising efforts, realizing land development, and supporting the work to increase enrollment,” Fuentes said. “We’re buoyed by the community’s ongoing response as we work together toward strategic realignment so that we can continue graduating people capable of responding to the most important challenges of the 21st century.”
The New England Commission of Higher Education accredits 218 degree-granting institutions and one system in the United States and internationally, first accrediting Hampshire in 1974.
The show-cause comes after an independent auditor’s report from CliftonLarsonAllen of Boston, delivered on Nov. 25, 2025, states there is “substantial doubt about the entity’s ability to continue as a going concern.”
A “going concern” is an accounting term indicating whether a company or institution will be able to meet its financial obligations.
The summary of that audit states, “the college has not been successful in securing refinancing. The college has temporarily paused the pursuit of refinancing options, thereby providing time to demonstrate the successful implementation of its strategic plan to potential investors. The bondholders continue to work with the college and, most
recently, have agreed to extend the refinancing date to September 2026, in exchange for a mortgage on certain unencumbered properties.”
Jonathon Podolsky, who graduated from Hampshire College and has written extensively about the college, observes that the commission has been monitoring the college closely since its near closure in 2019.
He doesn’t anticipate the outcome of the June meeting to be anything dramatic or abrupt, in part because Chrisler has been in senior leadership at the college for seven years, and thus in close communication with the accreditor.
“No change or probation are the most likely outcomes of the NECHE meeting,” Podolsky said. “Hampshire offers a quality education, and the accreditors are focused on institutional resources, so if the community acts boldly over the next couple of months, the risk of being placed on probation will be very low.”
And the problems identified by the commission, such as a decline in enrollment, can be fixed, because they are likely attributable to reduced admissions staff in 2024, in combination with what he said was a problematic implementation of a direct admissions approach.
“If Hampshire presents a confident go-forward enrollment plan, supported by new approaches and restored admissions staffing levels, I expect alumni and others to be confident, and increased donations will be forthcoming,” Podolsky said, adding that the other colleges in the Five College Consortium might also be able to redirect a portion of their endowments, already invested in bonds, toward Hampshire’s bonds.
The college has also been in the midst of a $60 million Change in the Making capital campaign.
Meanwhile, trustees will be under new leadership in July, when Elle Chan, co-founder and CEO of TRADEMARK, assumes the helm.
“I am honored to be selected as chair-elect and look forward to partnering with President Jenn Chrisler and my fellow trustees to lead boldly and responsibly in support of Hampshire’s mission and future,” Chan said.
Since joining the board in 2019, Chan has chaired the Outreach & Advancement Committee to support major fundraising initiatives, helping shape marketing and communications strategies, and designing donor engagement events.
Chan, who lives in Menlo Park, California, entered Hampshire College in fall 1987 and graduated with a degree in film production and advertising. She began her career at Industrial Light & Magic, Lucasfilm’s visual effects company, where she developed expertise in complex project management.