The higher ed bubble is about to burst for one Vermont college.

Laura Krantz of the VT Digger reports.

Burlington College In Fight For Survival

The fate of Burlington College remains uncertain.

The school is running on fumes as it attempts to strike a deal with real estate developer Eric Farrell, who wants to build 20 private homes and 500 housing units on a large portion of the 32-acre property located on Lake Champlain.

While proponents say the deal with Farrell will eliminate much of the college’s debt and potentially save the school, critics believe cash from the land deal won’t be enough to bring Burlington College back into solvency.

The college’s troubled finances were thrown into sharp relief this month when students who were trying to focus on final projects and papers did not receive financial aid payments from the school.

The school expected a $150,000 non-refundable cash deposit from Farrell last week. Sources say without that cash infusion, it’s doubtful Burlington College can survive until Jan. 20, the expected closing date for the land sale.

It is unclear whether Farrell delivered the cash on Friday. Administrators and others in the know are tight-lipped.

Saturday afternoon, college spokeswoman Corallee Holm said the school is still working through the details of the sale with the developer and lenders.

“The rumor that the college is closing this weekend is just that, a rumor,” Holm said in an email.