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Holy Names University, a 154-year-old institution in Oakland, Calif., announced on Monday that it will close after the spring semester.

The university “has struggled to remain open as it faced rising operational costs, declining enrollment, and an increased need for institutional aid. Both COVID-19 and an economic downturn disproportionately impacted HNU students,” the university said in a statement.

In the fall of 2022, the university enrolled 520 undergraduates and 423 graduate students. This number for spring 2023 has significantly declined “as students struggle to make tuition payments or are uncertain about the university’s future,” the statement said. Currently 449 students total are registered for the spring 2023 semester.

An agreement with Dominican University of California will allow students to transfer credits after the spring term.

Holy Names faces $49 million in debt on its property.

Cazenovia College announced Dec. 7 that it would close at the end of the spring semester as well.