Philadelphia Arts College With $50 Million of Muni Debt to Shut
- The University of the Arts is the latest to announce closure
- School was in fragile financial state with enrollment dip
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University of the Arts, a private college in Philadelphia that trains future animators and dancers with roughly $50 million of municipal debt outstanding, is abruptly closing after its finances deteriorated.
The college, founded in 1876 with about 1,200 full-time students, announced on Friday that it would close on June 7, marking the latest college to announce plans to do so this year. The school’s campus is located in a historic arts district of Philadelphia.