The College of Visual Arts, in Minnesota, has announced that it will close at the end of the academic year. Enrollment has dropped 21 percent in the last year. A statement from Ann Ledy, president of the college, said: "Although CVA’s tuition is one of the lowest in the state, students have found it more and more difficult to pay their way. With declining federal and state financial aid support, and the challenges surrounding private loans, students cannot afford the college of their dreams."