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May 18, 2016 09:48 AM EDT

Burlington College closing will occur later this month after officially announced its struggle with 'weight of debt'. And news are pointing at the direction of Bernie Sanders' wife, Jane Sanders who had served as the school's president from 2004 to 2011.

On a conference at the campus, President Carl A. Moore, regrets to announce the loss after a long struggle with financial problem.

Coralle Holm from the college's Operations and Advancement, said that the institution has $1 million line of credit that will not go to any renewal. She describes Burlington College closing as 'heartbreaking' as the New England Association of Schools and Colleges is no longer renewing the accreditation due to the mounting debt. The news release also claims that the school owes to People's United Bank up to $2.2 million in debt.

The staff members and students have been notified earlier and each representative will begin the unemployment filing on Tuesday.

According to the Burlington Free Press, the institution sold 12 acres of waterfront property for $500,000 a few months earlier. Bernie Sanders' wife, Jane Sanders, who served as former president of the college had promised on doubling enrollment by 2020. Her decision to 'attract more students and donors' apparently failed to save the institution. The USA Today has learned that Sanders who departed after the deal, left the school to suffocate. She had given no explanation on her resignation despite receiving $200,000 of what seems to be severance package.

The news on 'Jane Sanders Burlington College fraud' is also brought up by the National Review. It says that the college is facing allegations of loan fraud during her tenure.

The major financial challenge has led to college shut down. Many students have not finished their study and college faculty staffs will soon be cut off. According to Burlington College official website, the institution was found in 1972 and it had a high rate of student internships back in 2013 and #1 free-spirited students in the USA. The last graduation ceremony occurred on Saturday.

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