Limestone University closed abruptly in May due to financial difficulties and failed fundraising efforts, leaving it with a debt of nearly $400,000 to students. The university owes $381,405 to 281 students, with an average refund of over $1,350 each. Many students, including Michael Thielen, report lack of communication regarding their refunds. A potential $6 million funding source was never secured, leading to the closure. Former employees have also filed lawsuits regarding mass layoffs connected to the university's financial issues.
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.
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.
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.
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.
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