179-Year-Old Limestone University to Close Permanently Amid Financial Crisis and Declining Enrollment

Limestone University, a 179-year-old private institution in Gaffney, South Carolina, will permanently shut down and sell its campus following a vote by its governing board on the final day of the spring semester. The closure will affect both in-person and online operations, marking the end of a historic chapter for the state’s first women’s college and only four-year institution in Cherokee County.

The board’s decision came after several hours of deliberation and months of financial distress. University President Nathan Copeland had previously informed students and staff of a projected $6 million budget shortfall. Despite raising $2.1 million in last-minute donations, the effort fell short of the funds required to sustain operations. Copeland acknowledged the gravity of the situation, stating, “Words cannot fully express the sorrow we feel in having to share this news... While the outcome is not what we hoped for, we are forever grateful for the passion, loyalty, and prayers of our Saints family.”

Limestone’s closure follows a decade-long enrollment decline, dropping from 3,214 students in 2014 to approximately 1,600 in 2025, across both physical and online platforms. Rising operational costs and national trends affecting small, private colleges contributed to the decision. Originally planning to keep its online programs and continue managing its charter school sponsorship network — the Limestone Charter Association, which oversees 13 K–12 public schools — the university later confirmed those operations would also end. As a result, at least 478 employees will lose their jobs.

Founded in 1845 by English Baptist minister Thomas Curtis, Limestone began as the Limestone Springs Female High School and was among the first women’s colleges in the United States. It eventually opened to male students in the early 1900s and became coeducational, although men were initially not permitted to live on campus. The institution has played a pivotal role in the local community, educating generations of first-generation college students and supporting the regional economy.

Gaffney Mayor Lyman Dawkins III, a Limestone alumnus, described the university as “a cornerstone of our city educationally, economically, and culturally,” emphasizing the critical role students played in downtown revitalization and community engagement. “Limestone has provided countless jobs, brought in students and families who supported local businesses, and served as a catalyst for growth,” he said.

Auditors reported a $7.6 million operating loss as of June 2024. Since 2020, Limestone had borrowed approximately $22 million from its small endowment, which had dwindled to $9.2 million as of last year. The university also held $30 million in debt, primarily from a 40-year USDA Rural Development loan taken in 2018 to fund new facilities and refinance earlier obligations.

President Copeland, who took office in 2024, had been working on a financial recovery plan, but the accumulated debt and continued revenue shortfalls proved insurmountable.

Limestone’s closure is part of a broader national trend. At least 15 small colleges closed in 2023, with another 16 shutting down in 2024, highlighting the challenges faced by private institutions with limited endowments and shrinking enrollment.

The university’s final commencement ceremony is scheduled for May 3, 2025.