The first and only four-year college Latino higher education institution in the nation, the National Hispanic University, will shut down next year.

 

The announcement came from the board of directors today.

 

“After a deliberative review process, the Board has determined that because the university continues to face significant ongoing regulatory and financial challenges, the institution cannot operate as it has in the past.”

 

The university was founded by Dr. Roberto Cruz in 1981 in Oakland, Calif., and was modeled after historically black colleges such as Spelman in Atlanta and Howard in Washington, D.C.  Cruz, a Stanford professor, was troubled by the low numbers of Hispanic college enrollees in the state.

 

The university struggled financially throughout the years and was eventually sold in 2010 to Laureate Education, a Baltimore-based, for-profit company that operates colleges around the world. The company reportedly spent “tens of millions” of dollars to turn it around.

 

“The reality is we’re in a very difficult financial situation,” said NHU president Gladys Ato.

 

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