Under Financial Stress, Pine Manor College To Join Boston College – WBUR
Pine Manor College will enter into an “educational partnership” with Boston College, after the pandemic-related closures stretched its finances to a breaking point.
A memorandum of understanding between the two schools paves the way for Boston College to take on all of Pine Manor’s assets — including their leafy, 45-acre campus in Chestnut Hill — as well as their liabilities. Boston College will also cover Pine Manor’s operating expenses as they “teach out” current students for up to two years.
It’s the first such consolidation announced since the pandemic, which is putting a strain on college finances across Massachusetts and worldwide.
At the same time, the two institutions will work together to establish the Pine Manor Institute for Student Success, which will support outreach and academic support to Boston College’s first-generation and low-income students — the primary demographic served by Pine Manor for more than a decade. It will do so with the help of a $50 million endowment to be established by Boston College.