The school’s Board of Trustees voted to close after the fall semester over what its president and the board described as “increasingly complex” financial pressure. In a statement put out by the board and its president, Jennifer Chrisler, the school said efforts to increase enrollment, refinance existing debt and bring in new revenue from land sales had fallen short.

“The rationale behind this painful vote reflects several realities. The College no longer has the resources to sustain full operations and meet our regulatory responsibilities,” the school said in a statement.

In a separate statement on Instagram, Chrisler acknowledged the decision was difficult. “This is an incredibly painful moment for the Hampshire community, and we are doing everything to support our students in completing their studies and assist our faculty and staff in navigating what comes next,” she said.

The school said the timing of the closure will allow current undergraduates at the small liberal arts school in western Massachusetts to complete their education at Hampshire or a partner institution.

The school, which was founded in 1965, has struggled for several years. It launched a $60 million fundraising campaign in 2020, which resulted in several big donations, including a $5 million gift in honor of Burns.

The college got some attention in 2023 when it announced that students from a Florida school that was taken over by conservatives picked by Republican Gov. Ron DeSantis could enroll there.

Hampshire College had said that any students in good standing from New College of Florida can transfer there and, with the help of student aid, pay the same amount in tuition they are paying in Florida. The two academic institutions each are known for progressive, free-spirited students, a lack of traditional grades, and opportunities for students to design their own course of study.

The school joins a long list of small schools in New England and across the country that have been forced to close in recent years.

College closures have become increasingly common as campuses compete for a shrinking pool of U.S. students. Birth-rate decreases have translated to fewer college-age Americans overall. At the same time, some states have seen smaller percentages of high school graduates heading to college since the COVID-19 pandemic.

Those shifts have left higher education with more supply than demand. Many colleges, especially small, private ones, have seen long-term enrollment decreases that put a pinch on finances. New England, with its high concentration of colleges, has been especially hard hit in recent years.