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Days after negotiations over a possible sale collapsed, the board of Santa Fe University of Art and Design announced Wednesday that it would cease operations after the 2017-18 academic year. The regionally accredited for-profit university, which is affiliated with but not owned by Laureate Education, had been in discussions with Singapore-based Raffles Education Corp. about a possible purchase. Regulatory hurdles reportedly held up that deal.

In its statement, the Santa Fe University Board of Directors said that it would continue to explore "viable options for the future" of the institution, collaborating with city officials in the New Mexico enclave to "further the educational and arts mission of the campus." In the meantime, though, citing students' need for clarity about its future, the board said "significant ongoing financial challenges" led to its conclusion that the "university cannot continue to operate" after next academic year. The university plans to help students transfer and to teach-out those who are within reach of graduating by next spring.