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Without Financial Help, Bloomfield College Risks Closure

Loeb & Loeb Corporate partner Neil Lefkowitz is quoted in an article by Inside Higher ED discussing why Bloomfield College, a small minority-serving private college in New Jersey, took a risk with publicly announcing that the college is seeking philanthropic support in order to help with financial issues and keep its doors open. If unable to obtain financial assistance, the college is at risk of closing before the end of the 2022-2023 academic year. 

Neil told Inside Higher ED that the public announcement is risky as prospective students may be less likely to enroll if they are unsure whether they can graduate before the college closes.

Neil also expressed concern that the college’s accreditor, Middle States Commission on Higher Education, may take action in response to the announcement, which would threaten Bloomfield’s accreditation. 

“I think Middle States will question whether they are in compliance [with financial standards],” Neil said. “I think they’ll give them a break. I don’t think they’ll put them on a very impaired status, but I think they’ll take some action.”

Click here to read the article on Inside Higher ED’s website [subscription may be required].