AMHERST — A summer and fall teach-out, which should ensure remaining Hampshire College students will be able to either complete or make progress on their degrees before the campus closes, will continue as planned after the college secured a loan from a philanthropic partner.
The trustees over the weekend voted to maintain the teach-out after reaching an agreement in principle on a loan that gives the board sufficient financial confidence, according to a letter sent to the community Monday from President Jenn Chrisler.
“I am pleased to share that Hampshire College has reached agreement in principle with a philanthropic partner to provide a loan that will support the wind down of campus operations and supplies time and resources for the college to strategically plan for land sales that maximally meet our financial obligations, and to consider legacy and mission throughout that process,” Chrisler wrote.
The loan is expected to be finalized in July, following what she describes as a short period of due diligence. That will mean the college will have adequate financial resources to complete the teach-out of academic programs through Dec. 31.
There had been some uncertainty about these plans after Chrisler wrote a letter the previous weekend explaining a possible funding shortfall that could cost so-called Div III a final semester.
“While we cannot let up on moving toward successful land sales to fulfill our financial obligations and facilitate an orderly operational wind-down, this new loan agreement enables us to proceed with greater confidence in our plans,” Chrisler wrote. “In the long-term, the loan also affords the opportunity to create future uses of the campus for purposes in line with the values of Hampshire College.”
But Chrisler wrote that there are still potential challenges to the teach-out, which became a necessity when the college announced its closing on April 14, and the college is trying to secure needed insurance, while leadership is actively finalizing an arrangement of the faculty with the Hampshire College Faculty Union.
“We are pleased to have had constructive conversations with the faculty on a framework to ensure that we have the expertise, advising capacity, and mentorship necessary to support the students remaining at Hampshire through the teach-out,” Chrisler wrote.
Chrisler called for continued philanthropic support from alumni and friends of the college to get through this “turbulent time” and apologized to students for the uncertainty they are managing.
More details will soon be provided on the college website to students about both Div III completion and Div I and Div II continuation pathways.
“As we continue to prepare for the teach-out period, I want to express appreciation and admiration for the college’s faculty and staff — this talented, creative, and caring community that I have been fortunate to be part of for the past seven years. Thank you, from the bottom of my heart, for everything you have given to our students, our mission, and your colleagues.”
