Dana College in Blair, Neb., will be sold to Dana Education Corp., a for-profit company, making it the second ELCA school to succumb to hard financial times.
DEC pledged to keep the school's faculty and academic programs in place while trying to nearly double enrollment to 1,000 students.
Raj Kaji, DEC's president, will replace Janet Philipp as Dana's president when the sale is completed next summer. Philipp will continue as the college's senior vice president for student engagement.
"Dana will now have new financial resources needed to thrive and highly experienced higher education administrators to complement the current staff," Philipp said.
Dana, like many small liberal arts colleges, has struggled financially in recent years. A $12.5 million fundraising drive last year fell short of its goal.
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