Students left in limbo after closure of Philadelphia art school

Welcome back The end of the school year is usually a time for celebrations, but not for students at the Arts College in Philadelphia. After it suddenly closed permanently, CBS's Errol Barnett visited. The campus, which has become home to ongoing demonstrations, is under attack. Shock and outrage spilled across Hamilton Hall at Philadelphia's University of the Arts after students and faculty learned this year's graduating class would be the last at the almost 150 year old institution. In a statement on its website, the university blamed years of declining revenue and increasing expenses, adding recently it could not come up with money to bridge the financial gap. This can't be real. Dance major Amanda Radigan would have been a senior this fall. To feel that they could take away something so important to us all in a week was heartbreaking. Professor of Theatre Design Nick Embry is also the chapter chair of the faculties union, which is now suing the school. We were here to teach something that we loved and the idea that the whole institution is wiped away is is just, it's gutting. And consider this, when colleges close, fewer than half of students transfer to other schools. The rest will join the almost 40 million American students who attend some college and don't finish their degrees. Michael Pacho Shamil worries he will become part of that statistic. I don't know if I can afford college at all after this because we have had no word about whether other universities are going to match our scholarships or not. The university announced this week it's partnering with eight nearby schools where students can continue their degree, but no parameters have been made public. University of the Arts joins a number of other private nonprofit schools that closed this year. It's really all about finances. It's either they're not having enough revenue come in or they're spending too much money. The now former students are left to funnel frustrations into protest. It's more than just training. It's about making art a potential deferment of dreams. Errol Barnett, CBS News, Philadelphia.

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