St. Catharine College, which announced its closure last week, has arranged “teach-out” agreements with seven Kentucky schools that will make it easier for their students to transfer.
A “teach-out” agreement is a written agreement between institutions that provides a reasonable opportunity for students to complete their degrees if their home institution closes.
The schools are Bellarmine University in Louisville, Midway University in Midway, Georgetown College, Kentucky State University in Frankfort and Kentucky Wesleyan in Owensboro. Two for-profit schools with campuses in Lexington and Louisville — Spencerian College and Sullivan University — will also be part of the agreements.
In addition, Campbellsville University has offered to help St. Catharine students, and Kentucky State University offered a $900 incentive tuition scholarship for one academic year.
Each school has individual requirements for admission, such as proof of good academic standing.
St. Catharine spokesman Jesse Osbourne said the schools best matched St. Catharine for things such as class size and program offerings.
On Thursday, the St. Catharine Board of Trustees announced that it would close July 30 because of financial problems caused by excessive debt and a legal battle with the U.S. Department of Education over financial aid payments.
St. Catharine, which is located outside of Springfield, has about 600 full-time students and 118 faculty and staff.
When the school closes on July 31, its ownership will transfer to its bondholders, said Osbourne. Huntington National Bank is the trustee for the bondholders, and the fate of the 84-acre property will probably end up in court, officials said.