It looks like Mercy College could come to the rescue of The College of New Rochelle if the 114-year-old college closes this summer, according to a memorandum of understanding between the two schools. The colleges are working to finalize the deal before releasing any further details.
The College of New Rochelle told its nearly 2,900 students on Friday in an email that the college is unlikely to operate beyond its summer 2019 semester. The college is still facing “significant cash flow challenges” after discovering more than $30 million in debt in 2016
Mercy College is negotiating a deal to step in and allow CNR students to continue their studies, potentially even on the same campus with the same faculty and staff, according to a letter Mercy students received Monday.
“Mercy is actively working the regulatory agencies seeking the needed approvals to continue offering all the programs necessary for CNR students to press forward to graduation, and to provide a path forward at Mercy for prospective CNR students,” Mercy College President Timothy Hall wrote to students.
“To help minimize disruption to the CNR students, Mercy expects to be able to offer employment to some CNR faculty and staff and is exploring the possibility of leasing some of the CNR New Rochelle campus and other CNR locations for a period of time.”
College of New Rochelle disclosed in December that it was in negotiations with a potential educational institutional partner. Mercy College would not acquire CNR, nor assume any of its debts under the terms of the potential deal, according to previous descriptions from the college.
Hall said the Mercy and CNR share “similar heritages and missions and have substantially similar course offerings,” putting the college in position to take on CNR students.
Along with its main campus in Dobbs Ferry, Mercy has campuses in Manhattan, the Bronx and Yorktown Heights, serving about 6,300 students. There is a significant gap in the cost for tuition and fees for the two institutions, however. Full-time Mercy College students pay an average of $16,873 yearly after federal, state and school aid, according to U.S. Department of Education data. College of New Rochelle full-time students pay an average $33,696 after student aid.
