Keystone College faces losing its accreditation, a loss that could seriously damage its ability to operate.
The accrediting agency, the Middle States Commission on Higher Education, warned of the possibility in an April 25 post on its statement of accreditation status page for Keystone.
Accreditation is necessary for a school’s students to receive federal student loans to pay for tuition and other expenses.
The commission post also confirms what Keystone president John F. Pullo Sr. wrote in a letter to faculty Friday: that the commission thinks Keystone “is in danger of imminent closure.”
Neither Pullo’s letter to faculty nor a separate letter to students specifically mentioned the possibility the school could lose its accreditation, though such a loss could lead to the school closing.
Pullo, a WVIA board member, has declined all requests for an interview during the last two months.
His letters, issued Friday, said Keystone is negotiating with another potential “investment partner” to ensure the school’s future. An earlier deal that would have allowed the Washington, D.C.-based Washington Institute for Education and Research to take over Keystone fell apart in March.
Keystone, which has faced heightened federal scrutiny of its finances for more than decade, has not identified the potential investment partner.
“The next several weeks will be critical to these negotiations and a path forward to an agreement, and I am growing more confident in successfully concluding these negotiations every day,” Pullo wrote in the letter to students.
He referred to the potential partner as “the hopeful part” of where the college stands. He also noted the college saw its highest number of applications and acceptances in the last five years.
“While I remain hopeful, however, I must also be clear that our inability to successfully conclude an agreement could result in ceasing operations at the college,” he wrote.
In its post, the commission says it gave Keystone until May 15 to provide evidence the school:
- Complies with applicable government laws and regulations and commission policies and procedures.
- Represents itself honestly in all publications and communications with groups inside and outside the school.
- Notified its board, students, faculty and staff and others with significant roles of its status with the commission.
- Made freely available to the commission accurate, fair and complete information on all aspects of the school and its operations.
Keystone also has until May 15 to:
- Submit an updated, comprehensive and implementable teach-out plan. Teach-out plans are meant to ensure students can complete their educations at another school. Keystone has already submitted one and said that it doesn’t mean the school will close.
- Provide evidence that “all relevant stakeholders” have received notice the school could close.
- Show arrangements for student transcripts and records so students can obtain them when necessary. The commission also wants assurances the students know of the arrangements and have received counseling on the future of their existing student loans.
The commission says it will determine “the date accreditation will cease” after the May 15 submissions.
The college will have until Aug. 1 to show it has enough money to keep operating or the commission could withdraw accreditation, the commission post says.
The commission also could decide to continue accreditation.
In a statement, the college noted that it told students and faculty of expected further commission action in the letters last week.
“As we have in the past, Keystone College will comply with all information required by (the commission) within the time frame in which it is requested,” the statement said.
The school said discussions with the potential investment partner continue.
“We remain hopeful that those discussions will be successful, and we will keep the college community and the public informed of the results,” the statement says. “Until that time, Keystone College will conclude its spring semester and prepare for a wonderful 2024 commencement, as well as a full schedule of summer classes, activities, and athletic camps.”
