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Burlington College will close due to crushing debt incurred by Bernie Sanders' wife, Jane Sanders
Burlington College will close on May 27 due to "the crushing weight of the debt" that the school incurred while Bernie Sanders' wife, Jane Sanders, was running the institution, The Burlington Free Press reports.
Jane Sanders ran the school between 2004 and 2011; in 2010 she took out $10 million in loans to purchase a 32-acre swath of land in order to establish a new campus on Lake Champlain. As Heat Street reports, Sanders was not able to reach her fundraising goals or commitments, and less than a year later the school was under crushing debt. Sanders left the college the next year.
Burlington College was placed on probation for two years due to insufficient resources and now says its financial troubles are "insurmountable at this time." Other Vermont schools have agreed to take Burlington's current students in addition to those accepted into the class of 2016.