This just goes to show that it doesn’t matter how old an institution is. Iowa Wesleyan University in Mount Pleasant will close in May after providing education opportunities in southeast Iowa since 1842, school officials said Tuesday.
The nearly 850 students will be able to finish their degree programs through agreements with other colleges, including William Penn University, Upper Iowa University, University of Dubuque and Culver-Stockton College. Reynolds said in a statement Tuesday that an independent accounting firm found Iowa Wesleyan had a $26.1 million loan from the U.S. Department of Agriculture, using the campus as collateral, that could be recalled in full in November. She said the firm determined that providing one-time federal funding would not solve the university’s systemic financial issues.