Limestone University, which shuttered abruptly in May after years of financial woes and a failed fundraising effort, owes nearly $400,000 to students affected by the closure, The State reported.
Tuition refunds reportedly promised by university officials have not yet been disbursed.
Altogether, Limestone owes $381,405 to 281 students, according to a report submitted to the South Carolina Commission on Higher Education by a consulting firm managing the university’s assets. A representative from that firm, Aurora Management Partners, declined to tell the newspaper when students may be reimbursed, noting that their agreement was confidential.
While students are due an average of more than $1,350 each, some are owed more.
Michael Thielen, a former graduate student affected by the closure, told the newspaper that Limestone owes him more than $4,000, but he hasn’t heard from officials in almost two months. He bemoaned the university’s lack of accountability and transparency.
“Everyone has washed their hands of this,” Thielen said.
The private Christian university was one of the more jarring closures of the year, given how quickly it folded amid clear warning signs of financial distress, as noted in its latest audit.
In April, Limestone officials punted on the closure decision, indicating they were in talks for a $6 million lifeline that would keep the university open. But that funding source never materialized, prompting a reversal from leadership and the abrupt closure of the 180-year-old institution.
Former employees also sued Limestone recently over how it handled mass layoffs.
