I recently described some of the financial difficulties of the College of Santa Fe, and attempts by the city and the state of New Mexico to save the College (New on the for-profit higher education front, May 14, 2009). I reported that Laureate Education was part of the efforts, and that the College of Santa Fe was likely to soon join the Laureate family of institutions of higher education.
The Santa Fe New Mexican reported today that the pieces have fallen into place. Laureate will lease the institution, with a purchase option. Laureate has agreed to commit $20M to offset losses, and to offer discounts to local and in-state students. Governor Bill Richardson has committed $11M of state money to help make the deal possible. The College of Santa Fe name will be kept, "while also giving Laureate the flexibility to add other words." The global Laureate University Network continues to grow!