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Northwestern College, a for-profit institution in the southern suburbs of Chicago, abruptly announced and enacted its closure on Saturday, NBC Chicago reported.

The decision to close the health care–focused institution comes after 122 years of operation and was based on frail finances, according to a statement from college officials

“The difficult decision … was made by the college’s administration, after careful analysis of its current and projected fiscal position,” the statement reads. “While we are saddened by the need to end our educational mission, we will maintain our legacy in the thousands of graduates that have been part of our history.”

Northwestern College, formerly known as Northwestern Business College and not affiliated with nearby Northwestern University, released a teach-out plan that varies based on degree program. Transfer colleges and universities include Prairie State College, Moraine Valley Community College, Chamberlain University and Malcolm X College.

In 2022, 904 undergraduate students were enrolled at the institution, according to data from the National Center for Education Statistics. 

Individual receiving institutions will have information on their websites about their policy on transfer credits earned at other institutions of higher learning, the college said.