Parsons College closed its doors permanently in 1973, primarily due to bankruptcy. This financial collapse was the culmination of a series of significant challenges the institution faced in the years leading up to its closure.
The college's troubles escalated dramatically in 1967 when it lost its accreditation. This critical loss severely impacted its ability to attract students and maintain its standing as a reputable educational institution. Following the loss of accreditation, the college's trustees requested the resignation of its president, highlighting the severe internal issues and the leadership crisis that accompanied its declining status.
Despite efforts to overcome these hurdles, the college's financial situation deteriorated beyond recovery. By 1973, facing insurmountable debt and an inability to continue operations, Parsons College formally cited bankruptcy and ceased all functions.
