How a Monthslong Scramble to Save Cazenovia College Failed: ‘It Does Seem So Unimaginable’

Officials at Cazenovia College (NY) this summer came to a devastating realization: They could not refinance a $25 million debt when it came due in full Sept. 1. Thus began a desperate scramble to save the private liberal arts college that has been an integral part of this idyllic Upstate New York village for nearly 200 years. The college tried everything it could: Asking lenders for more time to pay up. Fundraising appeals to alumni. A bailout from the state. Partnerships with other colleges. Nothing worked. On Wednesday morning, the college’s board of trustees met at the school and voted to close the institution at the end of the spring 2023 semester. The school will not reopen next fall.