Southern Vermont College president says school is $6M in debt

BENNINGTON, Vt. (AP) Southern Vermont College says it is facing about $6 million in debt as it prepares to close at the end of the spring semester.

The Bennington Banner reports SVC President David Evans answered a series of questions about the college's financial situation Monday.

He says most of its debt is held by Community Bank, and the college's overall outstanding debt, excluding the $6 million in bonds, is less than $300,000.

Evans says they are sending layoff notices to staff, including out-of-season coaches and admissions recruiters.

He says officials are assisting students in either transferring schools or completing their degrees.

Sen. Brian Campion has said he will explore the possibility of the state college system using SVC's campus.

Evans says he would be highly supportive of that plan.

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