The Santa Fe University of Art and Design.

For-Profit Art School in Santa Fe May Close

The financially struggling Santa Fe University of Art and Design, a for-profit art school, is not accepting any new students for the upcoming academic year. Negotiations surrounding the school’s sale to the Raffles Education Corporation of Singapore collapsed, according to Christopher Ortiz of Albuquerque Business First. In June 2015, the Santa Fe school suffered a $7 million net loss.

The school’s interim president, Maria Puzziferro, said the institution could close. If that ends up being the case, however, the school will allow its students to finish up their studies before shutting down. Currently, the school has 670 students enrolled. Each student pays about $14,000 to $20,000 every semester for tuition and housing. The school’s shuttering could pose a financial problem for the city of Santa Fe as well, as it leases the campus to the school for $2.2 million annually.