Keystone College announces significant progress with talks with strategic partner
On Friday, May 17, 2024, Keystone College announced that it is in the final stages of executing a letter of intent and funding agreement with a strategic partner to create a new partnership that will provide Keystone with a roadmap for a long-term path forward. While details of the agreement are not yet public, the day-to-day operations of the College and its academic mission will remain essentially unchanged. Both parties felt that discussions had crossed a critical point which would allow the College to announce that an agreement is imminent.
Any agreement will be subject to the final approval of the College’s accreditor, the Middle States Commission on Higher Education (MSCHE), which will be notified of the parties’ intentions as soon as the signed agreement is finalized. Approvals from the Pennsylvania Department of Higher Education and the United States Department of Education will also be necessary. During the review period, which may take up to a year, Keystone intends to continue uninterrupted operation of classes, as well as all other college activities and intercollegiate sports, and continues to accept and enroll freshman and transfer students for the Fall 2024 semester. Keystone will conclude its current academic year with its 153rd commencement on Saturday, May 18, on campus.
“Keystone College is absolutely thrilled to reach this point in our discussions with our strategic partner,” said Keystone President John F. Pullo, Sr. “For the past several months, we continued to say we were hopeful that an agreement with an innovative partner could be reached while fulfilling every obligation to our accreditor to prepare for closure, should that be necessary. We are so thankful to our students, faculty, staff, alumni, and friends who continued to believe in us as well as to the educational partners that are included in our teach-out plan. Since its founding in 1868, Keystone’s motto has been “Progress Through Effort” and we continue to work long and hard to secure a positive outcome so we can look to the future with promise and optimism. The agreement is just the beginning as there will be much work to do on our path forward in the days ahead. But we do have a path forward and we intend to work very closely with Middle States to ensure successful continuation of operations.”
On May 15, the College submitted all of the necessary components of an “implementable teach-out plan” and institutional status report as requested by MSCHE. That plan is under review by MSCHE.
“This partnership agreement demonstrates the need for innovation and forward-thinking in today’s highly competitive educational market,” said Tim Pryle, Vice President of Enrollment, Institutional Advancement and Marketing. “With a continued decline in college-age population, and other challenges, many colleges and universities across the nation, including Keystone, will continue to find themselves in financially difficult situations. The need to find and develop strong partnerships with organizations willing to share responsibilities, goals, and missions is becoming increasingly more important, even critical. We believe we have found just such an innovative and dedicated partner and are grateful to join with them on our journey.”
Recognized as one of the best educational values in Northeastern Pennsylvania, Keystone offers more than 50 undergraduate and graduate degree options in liberal arts and science-based programs in business, communications, education, natural science, environmental science, and social sciences. Located on a beautiful 276-acre campus, 15 minutes from Scranton, Pa. and two hours from New York City and Philadelphia, Keystone is known for small class sizes and individual attention focused on student success through internships, research, and community involvement.
