LA PLUME, Pa. — Keystone College has signed a letter of intent with a partner in an effort to keep the school in Lackawanna and Wyoming counties open, according to a news release.
The release says that both parties have agreed to keep the partner's name and details of the agreement private at this time.
"Keystone College is very fortunate to have secured this letter of intent with a committed strategic partner as we navigate the future of the college," said Keystone College President John Pullo. "We have shared these documents with Middle States and will work very closely with them on these items as well as the information required for submission at the beginning of August."
The letter of intent is the next step for both parties to move to a definitive agreement, which will require the approval of the Middle States Commission on Higher Education (MSCHE), Keystone College's accrediting body, which has been notified of the parties' intentions. Approvals from the Pennsylvania Department of Education, the United States Department of Education, and the Pennsylvania Office of the Attorney General will also be necessary.
Earlier this month, MSCHE voiced concern that the school is in "imminent danger of closing" and gave Keystone until August 1 to show otherwise.
In response, Keystone acknowledged that the Middle States raised concerns about the college's finances but reiterated earlier statements that they are in "substantive discussions" with an undisclosed investor who may provide "a long-term path forward."
Keystone said Friday that MSCHE would be notified of the parties' intentions as soon as the signed agreement is finalized.
On May 15, the college submitted all of the necessary components of an "implementable teach-out plan" and institutional status report as requested by MSCHE. That plan is under review.
