Following the failure of a $6 million fundraising campaign, a 180-year-old private university in South Carolina is closing.

Limestone University, a historic private institution in Gaffney, South Carolina, will permanently close its doors at the end of the current semester, bringing an abrupt and sorrowful end to a 180-year legacy. The devastating announcement followed the failure of a critical $6 million fundraising campaign intended to stabilize the university’s fragile finances. Despite rallying support and securing over $2.1 million in donations, the school fell well short of its target and will cease all operations — both in-person and online — after spring commencement.

The closure of Limestone represents more than the end of a single school; it’s emblematic of broader challenges confronting small, private liberal arts institutions across the United States. This article will explore the rich history of Limestone University, the financial and demographic pressures that led to its closure, the impact on students and faculty, and what the future holds for the community it served for nearly two centuries.

Founded in 1845 as Limestone Springs Female High School, Limestone University was among the earliest women’s colleges in the South. Located in the heart of the Upstate region, the institution was rooted in Christian values and a liberal arts mission. As times changed, so did Limestone. The school became coeducational in the 20th century, officially renamed Limestone College in 1928 and eventually transitioned to university status in 2020, rebranding as Limestone University in recognition of its graduate programs and expanding academic profile.

Limestone was not just a place of higher education; it was a symbol of progress in South Carolina’s history. It offered generations of students from rural communities access to college degrees, many of whom were the first in their families to attend college. Its legacy includes thousands of alumni who went on to careers in education, business, athletics, ministry, and public service.

The university also played a key cultural and economic role in Gaffney. With a student body numbering over 3,000 at its peak, it helped fuel local businesses, community initiatives, and the area’s identity. It also carried a tradition of athletics excellence, competing in NCAA Division II across multiple sports.

The closure did not come out of nowhere. Over the last decade, Limestone, like many small liberal arts colleges, faced a confluence of existential threats.

Enrollment was the first domino to fall. From a high of roughly 3,200 students in 2014, numbers declined by half to about 1,600 by the 2024–25 academic year. Fewer students meant a dramatic drop in tuition revenue, which is the financial lifeblood of a tuition-dependent school like Limestone.

As enrollment declined, so did the university’s ability to invest in academic programs, facilities, and student services. Deferred maintenance and tight budgets became the norm. Leadership changes created instability. The COVID-19 pandemic hit in the middle of these problems, compounding them. Limestone recorded a staggering $12.6 million deficit in the 2022–2023 fiscal year — a hole too deep to climb out of without help.

Recognizing the dire situation, university officials launched an emergency $6 million fundraising campaign in March 2025. Dubbed “Together for Limestone,” the campaign hoped to energize alumni, local businesses, donors, and philanthropic foundations.

For a time, it seemed like hope was alive. The Fullerton Foundation, a major supporter of the university, stepped up with a $1 million pledge. Over 200 other donors contributed an additional $1.1 million. But by the April 30 deadline, the total stood at $2.1 million — just over a third of the target.

“We’re heartbroken,” said university president Dr. Monica Baloga in a written statement. “This decision comes after exhausting every possible option to keep the university open. While we are deeply grateful to those who supported the campaign, the reality is that the shortfall leaves us no path forward.”

The Board of Trustees convened in late April to evaluate the results of the fundraising campaign and review the university’s long-term financial outlook. With millions in debt and no additional financial lifelines, the board voted unanimously to wind down operations following spring commencement.

“We explored mergers, new investment models, strategic partnerships — all of it,” said Board Chair James Grady. “But the enrollment trends and financial realities gave us no sustainable path.”

On May 1, students, staff, and faculty were formally notified of the impending closure. Limestone will graduate its final class during a commencement ceremony on May 11, 2025. The university will then shut its doors permanently, ending 180 years of education and service.

The emotional toll of the announcement has been profound.

For students, particularly upperclassmen and athletes, the news came as a gut punch. Many had chosen Limestone for its close-knit campus culture, small class sizes, and regional heritage. Now they face an uncertain future.

“I came here for the community, for the relationships I had with my professors,” said sophomore Jasmine Carter, a psychology major. “Now I’m scrambling to figure out where I’ll go next. It’s heartbreaking.”

The university has announced a teach-out plan in collaboration with other institutions to help students complete their degrees. Transfer agreements are being established with nearby colleges such as Converse University, Anderson University, and Lander University. Academic advisors have been mobilized to support each student in identifying their next step.

Faculty and staff are equally devastated. The closure puts several hundred employees out of work, many of whom have been with Limestone for decades. Professors, coaches, custodians, financial aid officers — all now face the prospect of unemployment in a small town with limited higher education job prospects.

“There’s just no precedent for this here,” said Dr. Richard Emerson, a history professor at Limestone for 28 years. “We’ve weathered recessions, wars, and pandemics. But we couldn’t beat the enrollment cliff.”

Beyond the campus wlls, the impact is rippling through Gaffney, a city of about 12,000 residents that has long identified with the university. The town’s businesses — especially restaurants, bookstores, and apartments — rely on student activity to survive.

“This is going to change everything,” said Andrea Bell, owner of a popular local café. “Half my customers were students or professors. I don’t know how we’ll recover.”

Local officials have vowed to work with state leaders to mitigate the economic blow. Repurposing the campus for other educational or commercial uses is already under discussion. But many acknowledge that nothing will replace the prestige and vitality that Limestone brought to the city.

Limestone’s collapse is part of a national reckoning. Small, private, tuition-dependent institutions are vanishing at an accelerating rate.

According to the National Student Clearinghouse, total college enrollment has declined by nearly 10% over the past five years. Demographic shifts — including a falling birthrate and fewer high school graduates — are shrinking the pool of college-bound students. Rising tuition costs and growing skepticism about the return on investment of a college degree have added pressure.

Dozens of colleges across the U.S. have either closed or merged since 2016. Institutions like Concordia College Alabama, MacMurray College in Illinois, and St. Joseph’s College in Indiana all closed under similar financial stress. Most were small liberal arts colleges in rural areas.

Dr. Robert Kelchen, a higher education finance expert at the University of Tennessee, said the problems are systemic. “We’re reaching the point where only the wealthiest schools, or those with a strong niche, will survive,” he explained. “Colleges like Limestone, that serve local students in a general liberal arts model, are especially vulnerable.”

For Limestone, the remaining days are bittersweet. Plans are underway for a dignified sendoff, with alumni invited back for the final commencement and special events planned to honor the school’s legacy.

The university’s archives and historical records will be preserved, with discussions ongoing about housing them at the Cherokee County Historical Museum. Alumni chapters across the region are planning reunions and commemorations to mark the end of an era.

Meanwhile, the South Carolina Commission on Higher Education will oversee the closure process to ensure compliance with regulations and protect student records. Discussions about the future use of the campus — which includes 125 acres and historic limestone buildings — are expected to accelerate after closure.

There’s also a call to reflect. What happened to Limestone is a warning sign for other institutions. Without bold innovation, aggressive fundraising, and strategic reinvention, many other small colleges could soon meet a similar fate.

Though Limestone University will close, its impact will endure.

Its graduates — more than 20,000 strong — continue to contribute to society across the globe. Its history, dating back to a time before the Civil War, helped shape South Carolina’s educational landscape. For generations, it offered opportunity, inspiration, and a sense of belonging.

As the university prepares for its final ceremony, President Baloga captured the sentiment in her final campus address:

“We may not be able to save Limestone as an institution, but we will always honor what it stood for. We leave with full hearts, knowing we made a difference in the lives of so many. Limestone will forever be a part of who we are.”