Keystone College Signs Letter of Intent for Strategic Alliance

On May 24, 2024, Keystone College announced that it has signed a letter of intent with a strategic partner to form a new alliance that provides Keystone with a more secure roadmap for a long-term path forward. Both parties have agreed to keep the name of the partner and details of the agreement private at this time.

The letter of intent creates the means for both parties to move expeditiously to a definitive agreement, which will require the approval of the College’s accreditor, the Middle States Commission on Higher Education (MSCHE). MSCHE has been notified of the parties’ intentions. Approvals from the Pennsylvania Department of Education and the United States Department of Education, as well as the Pennsylvania Office of the Attorney General, will also be necessary. During the review period, which is expected to take up to a year, Keystone intends to continue operation of classes, as well as all other college activities and intercollegiate sports, and continues to accept and enroll freshman and transfer students for the Fall 2024 semester.

The executed agreement stipulates that day-to-day operations of the College and its academic mission will remain essentially unchanged. Additional details of the agreement will be made available after reviews by the necessary accrediting and regulatory agencies.

“Keystone College is very fortunate to have secured this letter of intent with a committed strategic partner as we navigate the future of the College in this highly competitive education marketplace together,” said Keystone President John F. Pullo, Sr. “The entire College community is grateful to our partner for the shared commitment to Keystone’s future. Over the past two months, our talks have solidified a collective determination to secure a path forward for Keystone, which will continue to offer a quality education at an affordable cost to our students while also seeking to expand opportunities for a diverse array of learners across the ever-changing landscape in higher education.”

Pullo continued, “While this newly executed letter of intent creates a renewed path forward, there is still a significant effort ahead to create a more durable future for the College. At the same time, we are delighted and energized by this opportunity. We have shared these documents with Middle States and will work very closely with them on these items as well as the information required for submission at the beginning of August.”

On May 15, the College submitted all of the necessary components of an “implementable teach-out plan” and a Supplemental Information Report (SIR) as requested by MSCHE. While both submissions are currently under review by MSCHE, Keystone did submit additional information to notify MSCHE of the secured letter of intent.

“We are aware that there will be additional requirements to work through with Middle States as they review these documents and request additional information on the proposed alliance. We intend to be in frequent communication with them and to provide all of the necessary documentation,” Pullo added.

The agreement brightens the future for the College.

“While we understand the necessary work going forward, we are grateful for this commitment to continue the 156-year legacy of Keystone. The challenges that face many colleges and universities across the country are well-reported and are causing disruption within the industry. Keystone is extremely fortunate to be bolstered by this strategic alliance as we look forward to continuing to offer all of the opportunities and benefits of a Keystone education,” said Tim Pryle, Keystone’s Vice President of Enrollment, Institutional Advancement, and Marketing.